The AUDUSD moved above the 100-day MA on Friday and in doing so, increased the bullish bias. Today, the price low in Asian session held support against that key moving average at 0.67349, giving buyers the “go-ahead” to push to the upside. The US CPI extended the price above the 0.6800 level to a high price of 0.68065. That move took the price within 11 pips of the May 10 high price at 0.68176. The price has backed off against that level and is now consolidating the gains (and working off some over bought conditions).
Going forward, if the price is able to remain above the 100-day moving average at 0.67349, the buyers remain more in control. Having said that getting above the 0.68176 level is also needed to give the buyers more confidence and even GREATER control (that is the next target).
The current price is trading in between those levels at 0.6781.
AUDUSD trade above its 100 day moving average