Last week's weakness in the US Dollar has given us the first wave up. Going into next week, with few key risk events coming from the Australia side, we might see the completion of the 3-wave correction, WXY.
A decent correction from the close last week might give us a short term opportunity to look for a buy trade targeting 0.7929 to 0.7975 area, before flipping our position to look for a longer term short trade targeting 0.7632 region.
Disclaimer - make sure you have a proper trade plan to engage the trade.
The recent fall in price is pretty impulsive. If price breaks below the 1.618 fibonacci level, we might see more downside potential on this pair already.