Take note of the rejection from 0.74250 resistance on the last candle. This does suggest some hesitation to the upside, however this did in fact break our previous high and has closed above the of our H4 fib invalidating the downside Fibonacci scenario. There is still a daily downside Fibonacci which price has spiked through the 78.6%. Should this hold there is a slight chance of downside but overall it's likely that Aussie has had its fun rolling down the hill and is now time for the bulls to show face. Today's daily closure will be important..We'll keep you guys updated as always!
Remember that this week is an important week for the Dollar in terms of Fundamentals with Non-Farm Payrolls on Friday. While we avoid analysing fundamentals as such this could provide the needed to initiate that upside momentum past prior highs.