The AUDUSD has moved up to test its 200 hour moving average. The last time the price traded above that moving average was back on January 20. Since that break (on Jan 20), the price trended down from 0.7224 to the low price reached on Friday at 0.69672.
The correctiverise in the AUDUSD seen over the last two days has taken the price back to the falling 200 day moving average at 0.71139 currently.
There has been a cause for pause against that moving average level over the last few hours. However a break above should open the door for further upside probing with the 50% midpoint of the move down from the January 13 high at 0.71403 as the next target to get to and through.
What next?
With traders pausing near the 200 hour moving average, there is the risk of sellers to take back more control and move the price back below the 0.70995 level ( 38.2% retracement) and toward the swing area between 0.7080 and 0.7090. Move below that level, and the 100 hour moving average will be targeted once again.
As mentioned above, a move back above the 200 hour moving average would open up the door for a test of the 50% of 0.71403
Fundamentally today, the Reserve Bank of Australia said they would stop the quantitative easing (that was expected). They also said that they expect inflation to move higher albeit temporarily, but above there 2% target (you can read the details from Adam's post here). That projection helped to reverse the trend and pushed the price back above its 100 hour moving average.