... move above the May highs fizzles
The AUDUSD has moved above the 0.7500 level in trading today. Yesterday, and earlier today, the level was approached (highs at 0.74975 and 0.74956 respectively) and the price moved back lower.
In the NY session, we have seen a move above the 0.7500 and has been able to stay above. That is the good/bullish news.
The problem for the buyers/longs is the price moved above the highs from May at 0.7517 and 0.75155. The high price moved to 0.75215 and has backed off.
Looking at the daily chart, the 200 day MA loom ahead at 0.75306. Above that the 50% of the move down from the March high comes in at 0.75389 and finally, the 100 day MA at 0.7556 makes for a minefield of targets that the bulls have to breach. That area should solicit some selling with the most patient waiting for the 100 day MA level.
