The AUDUSD is trading to new highs and in the process has moved above the 100 day MA at 0.72279, and is testing its 200 day moving average at 0.72563. The high price just reached 0.72575 - just above that higher MA level. The current price is 0.7255.
Earlier in the month, the high price reached 0.72656. Getting above the 200 day moving average and that high would open up the door for further upside momentum.
Already working in the bullish favor is the price is also above its 50% midpoint of the 2022 trading range at 0.72446 (the high for the year was in early April).
Going forward, traders will watch both the 50% retracement level and the 100 day moving average at 0.72446 and 0.72279 as close risk levels. As long as the price can remain above those levels, the buyers remain more in control. A move below and I would expect buyers to turn to sellers on the inability to extend to the upside.
Move above the May high, and the door opens for further upside momentum on the daily chart.
