The Aussie broke through long term channel support in mid-November; falling nearly 300 pips in 3 days, before finding support above 73. Pair has since retraced approximately 61.8% of the decline from 7580 and is testing the .7440 - 75 former support zone
. We are looking for a turn lower from here and an eventual break below the 5 month low at 7285. Alternatively; a break above 75 would target the next former support zone
at 7555 - 7610, butwe expect any gains to remain capped below there.