Level at 0.7587
The AUDUSD is moving to new session highs and in the process has moved back to the underside of the broken trend line. That line was broken with more momentum on Friday. The price fell toward the 61.8% retracement near 0.7528. The low today reached 0.7432 before starting the climb back higher.
The high today has so far reached 0.7587. That is where the underside of the broken trend line cuts across. A move above will discredit the break, and should get more sellers/shorts thinking about covering.
Drilling to the hourly chart below, the pairs move higher, cracked the topside trend line, got above the 100 hour MA (blue line). The retest of that 100 hour MA held and we are now seeing the pair extend higher.
The 200 hour MA AND the 38.2% of the move down from the November 2nd high, comes in at 0.7607. That level also corresponds with a number of swing highs.. On a continued run higher, I would expect sellers to lean against the level. Tough nut to crack on a test.
