The AUDUSD filled the gap from Friday,
- Moved back in the down channel, and is now
- Testing the topside trendline.
There should be some profit taking selling on the 1st test of this resistance area. A move above has room to roam with the 1.0247 (38.2% of the move down from the April 27th high), being the next key topside resistance target.
Looking at the 5 minute intraday chart, the price has been taking clues from the 100 and 200 bar MA (blue and green lines in the chart below). The price moved above the 100 bar MA in the Asian session and then the 200 bar MA in the London morning session. In the NY session the price just bounced off the 100 bar MA. Staying above this MA (and up trend line) keeps the bulls in control. The level currently comes in at 1.0183.
