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AUD/USD holding below technical resistance at 0.6387

Last Thursday the hitherto noted rebound in the AUD/USD came unstuck, when it busted below its 50 day moving average (then at 0.6390). That delivered a drop to 0.6339 on Friday, but it did rebound into the weekly close, as the wider dollar gave back gains. The AUD/USD closed at 0.6361. Earlier today it traded as low as 0.6350, but the rebound since has so far stalled short of reclaiming that 50 day moving average (now at 0.6387). The high seen so far has been set at 0.6377. The 21 day moving average is close by now too, currently at 0.6372. The modest rebound so far this morning is garnering some traction from a rise in the AUD/JPY though, but right now that is more about the USD/JPY, than it is about the AUD/USD, which is currently trading at 0.6372
 

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