Price has not been above the 200 hour since March 10th.
The AUDUSD is higher on the day, but has been moving up and down between 0.5864 to 0.5974 through the London session.
Giving traders cause for pause at the highs is the falling 200 hour MA (green line) at 0.59809 along with the 38.2% of the move down from the March 9 high and swing levels going back to March 17 (see yellow area). There is a lot of reasons why traders are cautious here.
Regarding the 200 hour MA, the price of the AUDUSD has not traded above that MA since March 10 when the price of the pair was trading up at 0.6576 area. That MA is 600 pips lower now, but remains a key technical ceiling that still needs to be breached. If the price cannot get above this area, the market will start to look at the correction from the low last week as a standard one into retracement and falling moving average levels. Be aware.
