AUD/USD downtrend is the result of 0.7681. That must hold to continue lower. AUD/USD and EUR/USD are pretty much the same pair. Both are severely oversold in intermediate portions of the curve. Long term, AUD is fine and has ability to continue lower. Bottoms are found between 0.6900 – 0.7100’s. Current price is 0.7420. Next point below found at 0.7417. Then we head to 0.7353 and 0.7352. Point 0.7352 is just a point but 0.7353 has more profound importance because that’s where the Buy extreme price is found intraday. This area could very well be where we see a bounce. But then the extreme sell point is found at 0.7533 and 0.7553. Still well below 0.7681. We could easily see a range between 0.7353 to 0.7553.
Previous requets next, I’m hurrying, We must look at EUR/USD next in interest rate terms for clearer picture. Brian Twomey, Inside the Currency Market, btwomey.com