AUD/USD Rectangle on the 60 Minute Chart

Although I have read a few reports and seen that the AUD/USD could be forming a new downtrend, it has yet to be confirmed from my perspective.

Looking at this 60-minute chart, it could make sense to buy in the demand area of 1.0420 - 1.0450 on the possibility that the AUD/USD will return to 1.05/1.06 in the next week. Either of these are good targets, depending on which way the market and sentiment moves.

On this 240-minute chart, there may also be support found in the 1.0350, the 0.250 Fibonacci from the June 1st Lows (0.9580) up to the August 9th highs (1.0613), and a 200 hour SMA found at 1.0380. Depending on what happens, this could even be a sell signal from present price of 1.440 down to this area.

Then again, it is Friday, and who knows what will happen on the weekend, so I may just close what I have in the next few hours and call it a week.