Based off the 200 hour MA but stalled at the July 31 high
The AUDUSD based today near the 200 hour MA (green line) currently at 0.7173. The sellers turned to buyers and pushed the price higher.
That move however, found sellers in the NA session at 0.72265. That level corresponded with the high from July 31. The price on August 5 and August6/7 reached higher to 0.7240 and 0.7242 but each of those break failed. It will take a move above each to lead to more upside momentum in the pair.
What would hurt the bullish vision?
Taking a look at the 5 minute chart below, the pair remains above the 100 bar MA at 0.72056 (and rising). The corrective move and consolidation today has allowed for that MA to catch up to the price. Stay above would keep the buyers in control in the new trading day. A break below weakens the bullish run a bit especially in light of the inability to extend above the key target above at 0.72265.
