Aussie failed on the topside and once we came back below 7760 we were looking for the market to come lower...This has happened and we are already at 7712 lows....There is still pressure on the downside at the moment given that the price and the technical indicators diverged over the past week, therefore we would be looking at the market coming lower towards key support at 7626/25..
Here we cover all short positions...Look to attempt small longs, but keep stops tight as a break below 7620 would be negative for Aussie and leave us with a viable downside target of 7560 which was the previous reaction low...
Now the med term chart look primed for this move lower...especially as the recent move higher was only looking to be correctionary and kept basically below the med term 50% fib level of 7925...
Now to take off further short term downward pressure we need to climb back above the trendline evident on the topside and this is at 7726...so a break of 7730 would go some way to ease the downward pressure, leaving 7760/65 as your upside target...Cover all longs...re-sell...stops above 7775..
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