At 4:30PM (Pacific Time) the Trade Balance for the Australian Dollar should be leased, and according to Forex Factoryès forecast it's probably going to be lower than the previous month. If that is true than the price should drop past the 1.05070 mark (Lower Large Red Line; value from previous extreme low).
If not, the it should go up to no further than 1.07220 (Higher Large Red Line; 61.8 Fibo Retrace Line; extreme low point from past price action; and, if using Elliott Wave Theory, this should be wave 4 which should not pass into wave 1's price zone).
