AUD/USD higher on the day but buyers have more work to do

<p>The aussie and kiwi are sitting higher today, helped out by China stimulus news and a rally in Asian stocks. European indices were more tepid early on but are also turning the corner now with US futures also paring earlier losses to be flat on the day. That is seeing AUD/USD hold near the highs for the day at 0.6693 currently:</p><p>That is seeing the pair run up against its 100-day moving average (red line) after the latest downdraft last week.</p><p>Keep below that and sellers will remain in control and move back above and buyers might have some scope for a further rebound towards the 200-day moving average (blue line) at 0.6730 currently.</p><p>Considering the technical implications above, the upside move so far today is still not entirely too convincing. The breakdown last week is still very much holding and buyers will have to work their way past the above highlighted levels to at least try and convince of any turnaround.</p>

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