Big Bottoms for AUD/USD are located at 0.6901, 0.6523, 0.6490 and 0.6391. The current intraday bottom is found at 0.7172. Intraday, shorts remain below 0.7239 and 0.7300. Range breaks occur at 0.7113, 0.6967 and 0.6843. Ranges are opening wider,finally.
The best sell point intraday is found at 0.7226. Intraday, AUD/USD is in a new downtrend provided 0.7239 and 0.7300 holds. Its not oversold not overbought yet way oversold in long and medium terms. But that’s not new.
I would continue short, short on rallies and look for AUD to head lower. Short term I would begin targets at 0.7113.
Brian Twomey, Inside the Currency Market, btwomey.com