The AUDUSD is trading to a new session high as the NY session quietly heads toward the close of the day.
There is a new push up in stocks with the Dow leading with a 200 point gain. The S&P have turned back into the black but off the highs for the day.
Looking at the AUDUSD on the hourly, the new high is pushing away from its 100 hour MA at 0.7116, and looks toward the 50% midpoint of the move down from the January 13 swing high at 0.71403. Move above those levels and the highs from last week become the focus.
- 0.7150 was the high from Friday
- 0.7158 was the high from Wednesday
- 0.7168 was the high for the week from Thursday.
Above that and the 61.8% of the move from the January 12 high cuts across at 0.7181.
What would ruin the bulls party?
With the price making a new high, traders could use the close 100 hour MA at 0.7116 as a close risk. More conservative for bulls would be 0.7100 or the 200 hour MA at 0.70865.
