The AUDUSD is aligned to commodities like: coal, gold, copper, iron ore, rare metals. If it moves up that is in the anticipation that either the USD is moving down, or AUD will be strong because of exports.
Offset higher exports prices and revenue with the Australian central bank lower interest rates intentions. At the moment the AUDUSD (or FXA Etf) is at the critical point of trend determination, or another 'Jesse Livermore' pivot point.
If we get a bounce, it better hold, otherwise AUDUSD is going down hard! Expect a bounce! A trend change to new high may be too ambitious.
and cycle is looking bullish
"Tape reading was an important part of the game; so was beginning at the right time; so was sticking to your position. But my greatest discovery was that a man must study general conditions, to size them so as to be able to anticipate probabilities." ~ Jesse Livermore
"October: This is one of the peculiarly dangerous months to speculate in stocks. The others are July, January, September, April, November, May, March, June, December, August and February." ~ Mark Twain