Forex Trading: AUDUSD Testing 100 Day MA Again At 0.9068. Key Level. Look For Momentum On A Break.

The AUDUSD is testing the 100 day MA at the 0.9068 level . The price has been testing this key level over the last 4 trading days, moving above briefly but not able to close above the key level.   The fundamentals for the AUDUSD should be positive on global recovery and also benefits from being a supplier of resources to China. Yesterday, the Australian trade balance showed improvement largely on the back of increased exports of iron ore to emerging countries like China. 

A break of the 100 day moving average and the 0.9091 level, should lead to further upside momentum with 0.9171 a next upside target level for the pair.  These levels were key support and resistance levels in January and will continue to be key levels on a break higher.