The Aussie has retraced less than on the Euro based withdrawal from the October rally. This is the 50% fibonacci retracement level. It appears to be in a channel this week. Similar to the bear trap that we saw in the Euro two days ago, Aussie subsequently moved to a higher intra-week level although it has not been able to close above that based on the 4-hour chart.
Long term trend seen in the daily chart
Weekly chart shows the retracement, bear trap and subsequent overnight rally
