AUD Volatile Behaviour

I was watching the AUD/USD currency pair over the past few hours and was amazed by the volatile nature exhibited by the minute chart as shown above. So what made the dollar rock to and fro about 30 pips in a matter of hours? Government bonds took leads from US Treasuries which rallied from comments by former US Fed Chairman Alan Greenspan. Also the RBA have also noted that it had recently “stepped up” the selling of AUD in forex markets by purchasing foreign reserves in January. It is also worthy of note that the Australian dollar is close to multi-decade highs with regards to the trade weighted index. At the moment the AUD Trade Weighted Index (TWI) is at 65.2.