I just wonder more of why the markets didn't react more to the China stock market meltdown. It lost more in 1 day than the entire GDP of Greece! Of course, China stepped in and put a band-aid on a gaping, gushing bullet hole but I would hope no one is buying that will solve the problem. Anyway, Even so, the Aussie reacted negatively to it as expected but still not as violently as one might think given how dependent Australia is on the Chinese economy.
So again and again, it's more sensationalism than true sentiment. Not belittling the situation on the ground with real people and real lives and real people who are being affected by all this but in short, I'm not letting the news dictate how I trade.
Oh, my opinion on your original question about what will happen next week to this pair? It's going higher early in the week to break that trend line in a retracement wave of the recent move down after a small bounce after hitting that trend line. Maybe just a little more than 15 pips. Maybe 16? ;-P
P.S. I used to use .764 fib before switching over to .786 as harmonics calls for using. I forgot all about that number! Do you find it more useful than .786?