The aussie has corrected back to a long-term down-sloping trend-line which is resisting further upside. It is in the process of forming a shooting star candlestick pattern today and if the bearish candlestick is confirmed by more downside tomorrow then we may see the move unfold to the monthly pivot at 0.9943. Eventually the fibonacci 50% retrace level which is also where legs’ A and C of the bear move are equal at 0.9885 might also be targeted.

Analysis prepared by:

Joaquin Monfort
Forex4you analyst