AUDUSD trades at the highest level since May
The AUDUSD is taking out the Monday high at 0.70323 and in the process is also moving above its 100 day MA at 0.70314. The price has not traded/closed above the 100 day MA since April 22.
The price action today has also breached the 50% midpoint of the move down from the April high, and the high from early June - which stalled near that 50% level - at 0.70178.
All that is bullish.
The one caveat is traders will be on the lookout for a failure above the 100 day MA/Monday high. Jumping over a key MA and failing, can lead to disppointment. Be aware.
For now though, the buyers remain in control. A move back below the 100 day MA and the 50% midpoint, would confirm the high is likely in place for now at least. Until then, though, I give the nod to the buyers.
The next target will eye the 61.8% at 0.70618. above that, and the 200 day MA at 0.7098 (MA is moving lower). The AUDUSD has not closed above its 200 day MA since March 2018. Keep tht in mind should the bullish momentum continue.
