The AUD/USD pair is likely to run out of steam in this recovery phase now. First resistance is at 7165, but further gains are not out of the question and could target a selling opportunity at 7190/95. Exit any remaining longs and try shorts with stops at 7220. There's a good chance of a high for the day upside correction here. Be ready to buy an unexpected break above 7215, as this keeps bulls in control to target 7232/33, then 7248/50.
We are getting overbought in the bear trend, so failure to beat 7150 again today indicates bears are gaining back control of the pair. First support is at 7105/00, then important trend line support is at 7080 and could hold the downside in this 25-pip area. A break below 7080, therefore, is more of a sell signal today and targets short term trend line support at 7055. This is the last line of defense for bulls. A low for the day is certainly possible, but a break below 7045 signals further losses to 7025/21, then 6990.