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AUDUSD Buying Pushes Against The Topside Trend Line.

The AUD/USD (NYSE:FXA) surge to the upside, took the price above a longer term trend line off the lows from June 8 2010 and October 4th 2011 at 1.0082 but found sellers against the topside trend line at 1.0148 (high reached 1.0140). The correction of the last leg higher has been able to stay above the 38.2% of the last leg higher. This suggests the longs are in control. A move above the 1.0148 opens the door for further upside momentum as flight to quality into the AUDUSD seems to be the trade.