Trades between triangle extremes
Looking at the 4-hour chart, the AUDUSD is pinching in on either extreme as topside trend line, and a lower trend line keep the pair confined in a narrowing range. Today the low extreme and the high extreme were each tested (blue circle 5 and green circle 3).
The price is staying up toward the upper extreme which currently comes in at the 0.7994 level. A move above that level - and staying above - will be needed to keep the momentum going. Other topside targets would include the 0.8029 level which was the high from May 6th. The high on the correction off the April 1 low, comes in at 0.8075.
Looking at the 5 minute chart, the pair has corrected in the NY session and in the process moved lower and tested the 38.2% retracement of the move up today at the 0.79512 level. The retracement level found support buyers and the price is back up testing 0.7972 level (see chart below). Move above that level - and staying above that level - will be eyed now by the buyers as a clue that the downside is over for the day. If momentum can not be reestablished, the rising 100 bar MA (blue line in the chart below) will be close support that would need to be broken. That MA comes in at the 0.7960 level (and rising) level.
PS The 100 day MA was re-broken on May 5th and retested on Friday (unemployment day in the US). The price today is moving away from that MA level which is more bullish. There are hurdles above - the 0.8030 level is a key, key level (see how that line was lows, then highs).
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