The pair rise up to 0.72 are last week where after that it drop for 130 pips within a day because of the China REPORT ON COAL “The pair caught some bids on the last trading day of the week and recovered
a part of the previous session slump to over one-week lows, triggered by reports that China’s Dalian port authorities had banned Australian coal imports. The government, however, downplayed the ban on the country's coal by a Chinese port, which coupled with additional supporting factors eased the bearish
pressure, rather helped stage a goodish bounce on Friday.”
and then it rise back to 0.7150 where its been rejected again near the 0.50 weekly fib level, it could be a clear retracement opportunity for a sell position to test again the 0.71 and 0.7070 area and the 4hr weekly trendline.
The pair is too correlated with China so any bad news on China - Australia trade they affect the pair significantly.