AUDUSD (NYSEARCA:FXA) has been testing the 100 day MA today at the 1.03439 level. A close above this level would next target the 1.04652 level where the 38.2% of the move down from the end of February high is found. A move above that opens the door for further momentum gains.
Looking at the hourly chart, the price has stalled near the topside of the channel trend line. The price broke below this channel and failed earlier today. The move above the topside trendline may be doing same thing. Key moment for the pair.
For the month, the pair has had a low to high trading range of 231 pips. That would be the most narrow range going back to May of 2007 when the range was 188 pips. This may point to a more trend like move in May.