The pair hit a high of 0.7518 in Asia Pacific trading but has since kept a push lower as equities are dragged down to the lows for the day to start the European session.

The 100-hour moving average for the pair is seen at 0.7454 so buyers are still keeping near-term control but a push back below the 3 September high of 0.7478 will also put a dent on the recent upside momentum from a technical perspective.

Elsewhere, the dollar is also seen gaining ground across the board with EUR/USD down to 1.1637 from 1.1660 earlier while GBP/USD is down from 1.3830 to 1.3795.

USD/CAD is also trading up from a low of 1.2290 in Asia Pacific trading to 1.2340 currently, as it reflects a similar technical situation to AUD/USD with its own 100-hour moving average seen at 1.2355 currently.

The yen is also the other beneficiary as risk sentiment is slightly more defensive, with yen pairs pulling back from their recent highs. USD/JPY is seen trading around 113.95-05 at the moment, keeping in between its key hourly moving averages at 113.83-27.