AUDUSD on the hourly chart

The AUDUSD is trading to new session highs and in the process is trading at the highest level in 34 trading days. The price traded above the high price from yesterday which tested swing highs going back to January 12 and January 14 between 0.7289 and 0.7292. The current prices trading at 0.7303. The aforementioned swing area is now close support intraday. Staying above is more bullish (traders may also use the swing high from last week at 0.7283 as close risk now).

The next upside target comes in against the January 13 high at 0.73128. Above that is the falling 200 day moving average of 0.73257. The last time the price traded above the 200 day moving average was back on July 6. In October, the price tested that moving average line and found willing sellers.