AUDUSD trades between the 50% and the 200 day MA
The AUDUSD has bounced back to the upside after early US session dollar buying pushed the pair back toward the 50% midpoint of the major trading range. The low price in the US session reached 0.66416 which was within 4 pips of the midpoint level. Staying above that level kept the buyers more in control from a technical perspective.
Earlier today, the price spiked above that midpoint level after the RBA announced a 25 basis point hike. The subsequent run to the upside got within 7 pips of the 200 day moving average of 0.66923 as sellers leaned on the 1st test.
Now with the price bouncing, the focus returns to the 200 day moving average. The last time the price traded above the moving average was back on May 11.