Moves above a celing from Thursday/Friday trade
The AUDUSD is trading to a new session high and in the process is cracking above a ceiling from Thursday and Friday at 0.7050 area. We currently trading at 0.70567. Earlier today, the price moved above the 100 hour MA at 0.70392.
The technicals are looking a lttle more corrective bullish after the move down over the last few weeks. The low for the move bottomed on Friday. That was the lowest level since early January 4th.
On the topside, the next key target comes at the 200 hour MA at 0.7072. Stay above the 0.7050 level (close risk) keeps that hope alive and well. Move below 0.7050 and a retet of the 100 hour MA may be on the horizon.
So far bullls are winning today.