AUDUSD moves above 100 hour MA. Looking for that typical momentum.

The AUDUSD has moved above the 100 hour MA for the 1st time since May 1st (at 1.0131) and the break has been met with some trepidation. Traders will be looking for a little more momentum on this break soon. A failure to find that momentum may tempt the longs to exit some of their positions/new shorts entering the recent downtrend. A move back below the 1.0116 would be a disappointment for those looking for the typical AUDUSD rally on the break of the 100 hour MA. Key time for the pair today.

Overall, the pair is enjoying a nice move higher today on the back of better employment data overnight. The unemployment rate fell to 4.9% from 5.2% last month. The Employment change showed a gain of 15.5K vs expectations of a fall of -5K. The concentration was in Part time jobs however, with a 26K increase. Full time employment fell by -10.5K. The unemployment rate was the lowest since April 2011.