China/US concerns the concern now
As the bullish sentiment from no cut in rates from the RBA fades and the focus is back on US/China trade negotiations, the AUDUSD is retracing the earlier gains.
youThe pair is back down testing the 100 hour MA at 0.7006. A move below it, will have traders looking to get back to unchanged at 0.6991 and then swing lows (0.6974) and the low from yesterday at 0.69623.
Drilling to the 5 minute chart below, the price is below its 100 bar MA on that chart at 0.7023 and just below its 200 bar MA at 0.70093 (see yellow area). You can clearly see the little battle going on against the 100 hour MA overlayed on the chart at 0.7006 (blue line). The last 5 bars has tried to break, but has not been able to get through. Some profit taking, but the upside is also limited.
Stocks are set to open and its ups and downs should be an influence in risk on or risk off sentiment.