Off highs on the dollar rebound but still above key support
The AUDUSD is off the highs on the back of the Washington news, but technically, the buyers/bulls remain in firm control (see post from Friday "AUDUSD keeps the bullish run alive. What would derail the run?).
Looking at the hourly chart above, the pair today once again found buyers at the 100 hour MA (blue line).
The last few tests of the MA stalled at the level and bounced. That keeps the bulls/buyers in control. The MA comes in at 0.7988 currently (and rising).
On the topside, there is an upper channel trend line that was not approached in trading today. The inability of the price from reaching/testing the topside trend line, might be indicative of a market that is getting tired. Maybe.
However, given the run up that this currency pair has seen since early December (the low bottomed at 0.7500), I will continue to give the buyers the nod, and will stay away from calling a top until levels like the 100 hour MA, and below that, the 200 hour MA are broken (at 0.79467 currently). The lower trend line will also need to be broken to shake more bull, out of this currency pair.
