There are many forecasts for a lower Australian dollar. This chart suggests they may be ill founded. The previous three times the AUD has dropped below 70 US cents it has bounced back. Before the dip on the left (2015) the AUD has not traded at 0.7000 since 2009, at the depths of the GFC. In the interim it hit a high above 1.1000.This makes 0.7000 a crucial level. If the AUD won't go down, or stay down, risks shift to the upside.