Technical Analysis

AUDUSD trades to the highest level since March 18

Swing highs from March at 0.78375 to 0.7848 are targeted now

The AUDUSD is at a new high going back to March. The swing highs in March came in at 0.78375 and 0.78487 on March 3 and March 18 respectively.  The high price just reached 0.78446.  A move above the March high at 0.78487 should solicit more buying. 

Drilling to the hourly chart below, the price action after the jobs report saw the pair spike higher and above the April highs between 0.78144 and 0.78174.  The subsequent corrective move AFTER the initial high spike, stalled right at that old ceiling level and moved higher (see hourly chart below). That is good news for the buyers/bulls.  If the price can stay above that old ceiling, the bias remains firmly in the hands of the buyers/bulls.   

EURUSD on the hourly chart

SUMMARY: Buyers are making the break out play in the AUDUSD on the hourly chart on the break of the hourly ceiling, but has another target ceiling on the daily chart at the March highs.  If that ceiling is resolved on a break, the buyers will have even more control.  If it can’t traders will be eying that old April ceiling for close support.  
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