The aussie is currently my top trade for 2017 and I've already have some shorts running here.
As you can see – the latest drop and breakout from this wedge formation comes after just touching this former broken channel support which has become a major resistance. I am currently targeting the 2015 lows around 0.6900 but I do believe it’s possible to get all the way down to the next psychological support and the 8-year lows at 0.6000.
I will also be closely monitoring this rising trendline (dotted) – as we could be seeing some kind of consolidation triangle between it and already mentioned former channel support.