AUD/USD: Buyers look to keep near-term control, start of a more solid retracement?
With the risk mood sharply improving yesterday and the dollar still bleeding on the week, the aussie pushed higher and managed to break above the 200-hour moving average against the greenback.
As such, the near-term bias was more bullish going into trading today and buyers built on that to take a peek above the 0.6000 level briefly before falling back as the dollar recouped losses amid the switch in the risk mood during European trading.
But as the risk mood improves, buyers kept a hold above the 200-hour moving average to maintain near-term control as price keeps slightly higher on the day currently.
That said, the inability to keep a break above 0.6000 is less encouraging but this is still a good platform to build on for buyers in the near-term.
Although the technical picture is starting to shift, there are some key things to watch out for before the end of the week and the main one will be tomorrow where we will see the US weekly initial jobless claims report.
The release is set to be a blockbuster event with plenty of anticipation of a blowup in unemployment claims. As such, that could shift the risk mood significantly as we look towards the end of the week despite the more positive mood over the past two days.