AUD/USD still largely trapped between 0.7660 and 0.7800 for now

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The more positive risk tones are helping to push the aussie higher on the day, with the dollar on the weaker side to start European morning trade.

That is helping to see AUD/USD recover some poise after the drop on Friday, which stalled at the 61.8 retracement level of the swing higher in trading last week @ 0.7706.

Since then, buyers have tried to push for near-term control but fell short upon testing the 100-hour moving average (red line). However, they finally got a breakthrough today.

That said, the break remains rather tepid as we see price stick around the key hourly moving averages currently, holding just above that region of 0.7730-34.

Keep above that and near-term control will stay more bullish but break below and the bias will turn more bearish instead.

In the bigger picture of how price action has been behaving since 6 January, AUD/USD is largely consolidating around 0.7660 to 0.7800 for the time being.

Those will represent key targets that buyers or sellers must break for the next leg higher or lower to follow in the pair respectively. Otherwise, it is still pretty much a play on the ranges for now based on prevailing risk sentiment during the trading period.

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