The AUDUSD moved sharply higher last week, reaching a high of 0.71802 before correcting lower into today’s trading.
That correction found support against the rising 100-hour moving average, currently at 0.71407
Buyers leaned against that key technical level and have since pushed the price back to a new session high near 0.7160. The successful test keeps the buyers in firm control. As long as the price remains above the rising 100-hour moving average, the technical bias stays tilted to the upside.
The next target is last week’s high at 0.71802. A break above that level would open the door toward the 0.71966 to 0.72007 area, followed by another swing area between 0.72210 and 0.72283. What would disappoint the buyers?