On Monday and Tuesday the highs broke above the area only to stall
The AUDUSD has tested a swing high area at the 0.69735-77 area. That area was home to swing highs going back to June 16 and June 23. On Monday and Tuesday, the price moved above those highs, only to run out of upside momentum. The swing high from yesterday's NY session stalled in the area again - reestablishing the level as resistance. That hold is important to me. Getting back above is needed to give the buyers more confidence. The high price today just reached 0.69737 and backed off. So far sellers area leaning (again).
The run to the upside today started against a trend line connecting lows from July 2, and July 7 (see green numbered circles). The lows today bounced off that line (twice).
The run above the 100 hour MA (and basing at that level) gave buyers the go ahead to extend higher. That MA comes in at 0.69479 currently. Technically, the 100 hour MA is risk now for longs looking for more upside momentum.
