Gets above the 100 and 200 hour MA yesterday but can it get above the topside trend line
The AUDUSD broke above both the 100 and 200 hour MA yesterday and closed above each for for the first time since April 18th.
The break higher went up to a topside trend line at the 0.7536 currently and has stalled.
I liked the way the price broke the 200 hour MA (green line), came back to retest the line (and even closed below the MA line on an hourly bar), but then ran higher again.
The not so great is the new high did not really ignite new buying —– yet at least.
Sellers can lean against this level and risk a break above. The price may rotate back to the 200 hour MA below at 0.7500.
Alternatively, the buyers from below (or new buyers) want to see the topside trend line broken.
If it can get above the trend line, the next target comes in at 0.7564. That is another strong resistance level.
- The 38.2% of the move down from the April 19 high, comes in at the level, as does
- The 100 bar moving average on the 4 hour chart.