AUD/USD erases the slight decline from earlier to push back up to 0.7775

Commodity currencies were initial laggards to start the session but have now turned things around with AUD/USD erasing a 0.4% decline from earlier.

The pair fell to a low of 0.7737 – staying away from the 100-day moving average at 0.7726 though – before reversing and now moving back above its key hourly moving averages.

As such, buyers hold near-term control but will have to try and work past the swing highs yesterday at around 0.7780 first before challenging the 0.7800 level next.

Elsewhere, the euro remains little changed against the dollar around 1.2215-30 while GBP/USD is slightly higher at 1.4215 as buyers test waters above 1.4200 though there is some resistance closer to 1.4241 from the February high.
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