The trend of the last two weeks is really bearish for AUD/USD. Although, a retrace up has occurred in the US session. That retrace looks almost complete now for four reasons: 1. Stochastic is almost overbought 2. There is some decent resistance below 0.74 3. The previous candlestick is a small bearish reversing signal 4. Most importantly, the 20 SMA is providing resistance
This looks like a good opportunity to open a sell forex trade. The sentiment is still negative ion the market and risk currencies such as the Australian Dollar suffer during such times.