The capital expenditure numbers were terrible, the Aussie got slammed and many are calling it much lower. In the short term though, chart set ups are saying we could get a bounce
After being poleaxed by the capex numbers, the Aussie stopped at the 78.6% Fibonacci retracement level. This is often seen as the last line in the sand. If price falls significantly below this retracement level the downtrend is less likely to be a retracement and more likely to be part of a major move lower
As I write, the hourly chart is completing a 3 drives to a low pattern, potentially confirming the prospects of a bounce off the 78.6% retracement. One of the main features of this pattern is that the 3rd drive lower comes neatly off a 127% expansion of the upward correction form 2.
You can use the Fibonacci retracement tool to do this. Just add 127% as an extra value