Topside ceiling at 0.6992 to 0.69967
The AUDUSD is trying to stay above the old ceiling at the 0.6992-967. That area was broken in earlier Asian session trading. Admittedly, there were some dips below the level as well as traders decided higher or lower, but did extend the range higher eventually stalling at a session high for 0.7037.
At the high, the price ran into a topside trend line on the hourly chart that connects highs from July 10 and July 13. Sellers leaned against the level, and the price has rotated back down.
Now with the pair testing the old ceiling again, it is "do or die" for the pair. Stay above keeps the bulls more in control. Move below and the price reenters the range that confined the trading range over the last 8 trading days.
Look for buyers to lean against the ceiling with stops on a momentum break below.
