The Australian Dollar has been weakened from July 2014 when AUD was traded at 0.9499 to April 2015 which 0.7532 is the new lowest. (-20,7%). It performed a downtrend then AUD made a consolidation/sideways pattern with the same time also made a perfect inverse head and shoulder pattern.
Today market is waiting for the US non farm payroll and unemployment rate data. From my point of view these data could determine the next trend of Australian Dollar.
If the data is weak, I guess AUD will leave the neckline area 0.7930 and begin the up trend. Now let s try to calculate how minimum high it will go up
First, we calculate with a simple method. We measure the shortest deep from the neckline and label it as an x, it will go up minimum an x too.
Second, based on Fibonacci retracement. 38.18% correction shows that AUD at 0.8279-8280.
Now let us wait what is the outcome of the data