The Australian dollar rally during the day on Monday, as we continue to see a bit of a bounce later in the session. This is a market that has a significant amount of bearish pressure above it though, and I believe that the 0.7450 level above will act as a bit of a “ceiling” in this market. Any exhaustive candle between here and there is a selling opportunity from what I can see. I think that we will eventually reach down to the 0.70 level below as the Australian dollar continues to suffer.
AUD/USD daily chart, November 22, 2016