AUDUSD approaching swing highs from last week
I can't really put a finger on what the AUDUSD extended higher other than to say shorts covered on the brakes back above the 200 hour moving average (green line at 0.68218 currently), and the 100 hour moving average (blue line at 0.68278). What I do know is that the last 8 hourly bars have been moving steadily higher on each.
What I also know is that the price is approaching the swing highs from last week's trading starting at 0.6853 and moving up to 0.68612. I would expect a stall against those levels as patient traders take profit and/or lean with new sales, with close stops on a break to new month highs.
Taking a broader look at the daily chart below, the price low today based against the 100 day moving average at 0.68044. Yesterday, the price it did peak below that level only to find support against the 50% midpoint at 0.6800 (a nice natural level of support as well).
On the topside, in addition to the December highs, a topside trend line cuts across at 0.6884 and the following 200 day moving average is up at 0.6909.
The price has not traded above the 200 day moving average since April 18. It is not close above the 200 day moving average since March 14. A close above would be more bullish from a long-term perspective.
