The Australian dollar initially tried to rally during the day on Wednesday, but found the 0.7450 level above to be a bit too resistive to continue. Because of this, I believe that the market is going to turn around and continue to fall. Also, you have to keep in mind that the goal markets broke down during the day, and that of course should put a bit of negative pressure on the Australian dollar anyway. Because of this, I am a seller on short-term rallies to show signs of failure, and of course a breakdown below the bottom of the daily candle for the Wednesday session.
AUD/USD daily chart, November 24, 2016