Posting this right before the AUD news in the next 15 minutes so this chart could look different. In any case we have two scenarios ahead of us: either we'll re-test the 2.00 level or it'll drop to the rising trendline
. A break of the trendline
would suggest a move of another 300-400 pips (this pair moves quite a bit) but a bounce back up would lead to a lot of pressure between buyers and sellers. On a side note, we could be seeing a double top
developing as well.