The Australian dollar has climbed back against the US dollar today in forex trading after a down week last week. The Aussie-dollar pair (AUD/USD) has advanced by over 1 percent and approximately 100 pips today in trading to rebound above the 0.9150 level in the U.S. session after opening the day (00:00GMT) at the 0.9048 level. Last week, the AUD/USD decreased by approximately 150 pips as the risk averse trading environment surrounding the Greece Debt situation and concern surrounding the euro helped bring the Aussie lower.
Today’s Aussie increase was supported by comments out of Australia by Reserve Bank of Australia governor Glenn Stevens on interest rates. Stevens, in a television appearance (comments published in The Australian), said that interest rates shouldn’t be left “down at rock bottom any longer than you need” and that it would not be wise to “assume they will stay that way”. The hawkish tone has prompted immediate speculation of a possible RBA rate hike at the RBA’s April policy meeting.
AUD/USD 1-Hour Chart – The Aussie today accelerating higher against the US dollar from last week’s low of 0.9001 to trading above 0.9150 today. The pair has broken through a couple of recent downward trendlines (in black) and fibonacci retracement levels to trade currently at the 61.8 fibonacci retracement level of the decline from 0.9251 to 0.9001 that started on March 17th.