USD strength among the factors
The US dollar is at the best levels of the day and that’s dragged by EUR/USD and AUD/USD back to their respective 200-day moving averages.
The inability to break through those levels highlights the indecisiveness in the market. Both broke through in the low-volume period around the turn of the year but have come back down early in January.
In the bigger picture, I think markets are looking for a new theme. Is there growth divergence anywhere? Or inflation? What are central banks doing? Or are we just waiting for the US election?