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

<p>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.</p><p>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.</p>

This article was written by Greg Michalowski at www.forexlive.com.