Aussie posted a weekly close below 0.70 level on Friday, September 4th, what was not seen since March 2009. After tight consolidation on Monday, September 7th, the pair turned back higher and rallied more than 150 pips from the lows. Another attempt at sub 0.70 prices was promptly rejected and the pair so far traded up to 0.71.

There may be deeper correction in the cards, especially if the Fed doesn't hike at the next week's FOMC meeting. Demand is likely to start coming in at 0.70 and below. Initial resistance is seen at 0.71 (Previous Day High, 00's) and then stronger around 0.72 (August 12th low, Monthly Pivot Point, 00's).

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