AUD/USD At A Key Juncture Now

The AUDUSD broke above the topside ceiling at the 08788 level this morning after testing the 100 and 200 hour MA one final time at the end of trading yesterday (at the 0.8700 level).  The move higher was helped by better than expected retail sales out of Australia (+0.9% vs +0.5% expected).  The price moved up to a high of 0.8836 but has since moved back below the old ceiling on the dollar buying this NY morning.  The current price is back trading at the ceiling level as it struggles with the level.

With the weaker data this morning, it may limit the upside.  I would look for sellers against the 100 bar MA on the 5 minute chart currently at the 0.8812 level.  A break above, is the stop.  A move back below the 0.8788 level should lead to further downside corrective moves in the pair.

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