The AUDUSD moved above both its 100 and 200 hour moving averages yesterday. The extension above the 200 hour moving average was the first since November 2. That was significant.
The price action has continued the move to the upside in trading today. In the process, the pair is up testing swing high levels from last week's trading. That area encompasses the 0.71556 to 0.71723 area. THe high price just printed 0.71672.
A continuation move above 0.71723 would have traders looking toward the 38.2% retracement of the move down from the October 28 high. That level comes in at 0.72071. Near that level is also swing lows and highs going back to November 23 and November 25 (see red numbered circles).
The buyers have been making a play over the last few days, but if they are to assume more control getting above the 38.2% retracement is the minimum retracement for the potential for a more substantial corrective move. Absent that and the run higher is just a plain-vanilla correction in a bear trend