Comments from RBA Stevens earlier today whereby he commented that rates may need to be raised to stop bubbles, sent the AUDUSD higher today. The price was able to push above the 100 hour MA (currently at 0.8714) in the NY session, but has come off a bit as the dollar corrects on the EU/Greece on again/off again rollercoaster (see Nowotney Comment). From a technical perspective, however, as long as the price remains above the 100 hour MA, the targets above are the 61.8 of the move down from the Feb 3rd high at the 0.8787 and the 200 hour MA at the 0.8800 level currently. There is also consolidation lows at this area from February 4th which should act as profit taking resistance.
Looking at the longer term daily chart, the price has also moved above the low from December which came in at the 0.8733 level today. Watch this level today. If the price can remain above this level it could lead to a springboard to the upside. The 38.2% retracement of the move down from the January high at 0.9328 comes in at the 0.8864. This would be another upside target as long as the support levels outlined above are maintained *(0.8733 and 0.8712). Be aware.
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