Aussie remains buoyed by China boost so far today

<p>Both the aussie and kiwi are leading gains in the major currencies space, with the dollar keeping slightly on the softer side as we get into European trading. <a href="https://www.forexlive.com/centralbank/china-state-banks-seen-intervening-in-usdcnh-supporting-the-yuan-20230627/" target="_blank" rel="follow">China's intervention to defend the yuan</a> today is a notable one that has helped with the risk mood, and mostly benefiting the antipodean currencies as such.</p><p>That is making the AUD/USD technical picture a little messy I would say. The pair had looked like it was on for a break below its 100 (red line) and 200-day (blue line) moving averages in a drop below 0.6700 but has recovered strongly today.</p><p>Price is up 0.7% to 0.6715 and holding above the 100-day moving average of 0.6708 will give buyers some of the advantage back.</p><p>That said, there is still some resistance from the near-term chart with the 100-hour moving average seen at 0.6726. That will keep sellers interested in this push and pull battle.</p><p>But considering how risk tones have been looking softer ahead of month-end and quarter-end, there is a bias to stick with the downside momentum in AUD/USD. That unless the near-term picture starts to change up as well, as highlighted above.</p>

This article was written by Justin Low at www.forexlive.com.