Watching the topside resistance

The AUDUSD has rallied in trading today after falling yesterday and into the Asia-Pacific sessio today.

RBA's Gov. Stevens speaking in New York yesterday said that a cut has to be on the table and also expects the AUD to fall further. The tumble lower took the price below both the 200 hour MA and the 50% retracement levels at 0.7697 and 0.7690 respectively (the low reached 0.7682).

In the early European session, the price started to hold support against the 200 hour MA ( green line in the chart above), and the price has pushed higher since then. Currently, the price is up testing the next key upside target at the 100 hour MA (at the 0.7745 level). This is also near the lows just prior to the headlines from Stevens yesterday (at 0.7752). I would expect that if the sellers are to come in against a risk defining area, this would be it.