AUDUSD breaks above an upside ceiling. Staying above is more bullish for the pair.

The AUDUSD moved higher in the early Asian session and in the process extended above the top of a ceiling area between 0.6500 and 0.65229. The momentum above that level took the price to a high of 0.65625 before stalling over the last 5 hours with that level as a new ceiling.

Buyers are in control above the 0.65229 level. It would take a move back below that level to give the buyers on the break some concern. Absent that a move toward the 50% retracement of the move down from the July high to the October low, would be the next major target at 0.65824. Above the midpoint level, is the key 200-day moving average at 0.65914. The price of the AUDUSD has not traded above its 200-day moving average since July 31.

This article was written by Greg Michalowski at Source