The AUDUSD has jumped above a critical level with today’s rally. The trend line that extends from the May 2015 high comes in near 0.7700 and was respected last Thursday with a bearish rejection candle. While today’s break of the May 2015 trend line is significant, two things could pose a problem for the bulls. So far this is only an intraday break. As you may well know, I primarily trade the daily time frame. So any intraday break, particularly of a two-year level, is inconsequential. Today’s high hit a significant resistance area. I mentioned the confluence of resistance near 0.7740 in the February 9th commentary. ... (full story)