Forex technical analysis: AUDUSDs bullish overtones…

First break above 200 bar MA on 4-hour chart since April 17th
The pair is trading at the highest level since May 3rd. The next target is being approached at the 0.7490-92 area.  That level corresponds a series of swing lows and highs going back to April 19th (see red circles in the chart above). 
A move below the 200 bar MA on the 4-hour chart would be concerning – at least intraday, but it is not the end of the world for the bulls (it muddies the bullish waters a bit though).  A move back below the 0.7468 level (61.8% and trend line) would increase the bearish bias, however.  The high today reached 0.7485.