Haven't closed above 200 day MA since March 2018.
The AUDUSD is trading higher on risk on flows, and hopes for increased global growth should there be a US/China truce to their trade war (and reduction in tariffs).
The price has moved up to test its 200 day moving average at 0.69087 after breaking above a topside trend line at 0.68773. That trendline is now risk on the daily chart. Stay above keeps buyers more in control. The high price just reached 0.6908 - right at the 200 day moving average line.
The significance of the 200 day moving average?
There has only been two days in 2019 that the price moved above the 200 day moving average. (back in April). Morever, since March 2018 (yes 2018, not 2019), the price has not CLOSED above that falling moving average level. Each of those days in April 2019 when the price moved above the 200 day moving average, could not close above the moving average level.
As a result, a close above today would be the 1st since March 15, 2018. That's a long time ago and significant for both the buyers and the sellers.
Key level folks. So far sellers are leaning, and hoping for a retracement lower. However be on the lookout for stops on a momentum move above the level.
On a break higher, the October/November high at 0.69293 is the next target followed by the 38.2% retracement of the move down from the December 2018 high at 0.6947.
PS.. Stomped all over Adam's post saying the same thing.. UGH! But... it is an important level.
