AUD/USD pushes higher as the risk mood is seen improving on the session
European equities are now slightly higher, with US futures coming close to pare losses on the session with E-minis down by just 0.1% now after the turnaround in the risk mood.
This is keeping the aussie a little higher at the moment, with AUD/USD touching a high of 0.6885 and coming close to testing its key near-term levels again.
Notably, price action is closing in on a test of the 200-hour MA (blue line) @ 0.6887 with the 100-hour MA (red line) not far away @ 0.6894.
Keep below that and the near-term bias stays more bearish, though swing region resistance close to 0.6850 remains a tough spot for sellers to break through for now.
But break back above the key near-term levels above, and buyers will start to seize back more control and look towards the 0.6900 level again.
The AUD/USD chart is largely a mirror of the S&P 500 so expect the price action in the pair to follow the stock market index rather closely ahead of the weekend.
Much like how the S&P 500 topped off at around its 16 June high at 3,153, AUD/USD also failed to breach its 16 June high @ 0.6977 earlier in the week and retraced lower.
In that regard, US coronavirus figures will once again be a key spot to watch but also be wary of any possible reaction by states to deal with the rising cases and hospitalisations. The market may be a little more cheery now but there is still caution to be heeded.