Ella 
Yesterday, we expected further gains in AUD/USD. Instead of rising further, AUD/USD fell sharply to a low of 0.6413. The sharp drop still has room to extend, but it is unlikely to challenge the main support at 0.6365 (another support is at 0.6390). Initial resistance is at 0.6440, then at 0.6460.
Outlook for the next 1-3 weeks: We noted yesterday (August 24th when the price was at 0.6480) that “upward momentum is building and AUD/USD could rally further to 0.6520 and even 0.6540. While our ‘strong support’ level at 0.6410 is not Clearly broken, but the built-up momentum has dissipated. Rather than rebounding further, AUD/USD is now more likely to trade in the 0.6365/0.6500 range. Looking ahead, a clear break below 0.6365 could trigger a drop to 0.6300 .
