First break above 200 bar MA on 4-hour chart since April 17th
- The AUDUSD opened lower today but held the 100 horu MA and 100 bar MA on the 4-hour chart Both came in at 0.7426. The low reached 0.7430.
- The price moved back above the 50% of the move down from the May 2nd high (at 0.7442) and the 61.8% of the same move at 0.74688.
- The price moved above a trend line near the 61.8% retracement as well (connect highs on March 30 and April 17th on hourly)
- The price moved above the 200 bar MA on the 4-hour chart at 0.74787 level. This is the first look above that MA since April 17th (25th day today).
The pair is trading at the highest level since May 3rd. The next target is being approached at the 0.7490-92 area. That level corresponds a series of swing lows and highs going back to April 19th (see red circles in the chart above).
A move below the 200 bar MA on the 4-hour chart would be concerning - at least intraday, but it is not the end of the world for the bulls (it muddies the bullish waters a bit though). A move back below the 0.7468 level (61.8% and trend line) would increase the bearish bias, however. The high today reached 0.7485.