Last night I wrote about the RBA interest rate decision and charted out some possible scenarios in regards to the possibility of fading a relief rally/throwback. Today's NY session showed the pair testing the 0.9000 level, being rejected, and then testing it a second time, only again to be rebuffed. That tells us that we have some decent sell orders around that level, and we may have the chance for a double top formation to appear. For the double top tech pattern to be complete we would need a break and hold below the 0.8950 level, at which point we look to retest the 0.8920 area and a measure move to 0.8900 and perhaps beyond.While the RBA kept scope for lowering rates further if needed following its decision, it dropped some of its more dovish language, which certainly gave the Aussie some breathing room. However, with interest rates now at record lows it will further erode the carry trade appeal of the currency and with China slowing and the Australian economy posting poor economic data of late, I can't think of any good reasons that it will all of a sudden show a period of sustained strength. So in the short term, I will look for a break of the "speedline" established over the past two trading session, then will monitor to see if we can get a break of the neckline and eventually a target of the old level of resistance turned to support (the scenario outlined with the green lines). Now, my bearish short-term outlook is bolstered by the RSI reaching overbought level of 70 and retreated from there. However, a push and hold above 0.90 (the scenario shown with the blue line) invalidated this particular set-up and then I'll look to see what happens around 0.9040 which corresponds with the 1-hour 200SMA (the black one). (Just a word of caution, I'm not advocating this trade, but that's what I am personally monitoring, and just sharing my opinion. In other words, trading is risky and all that!)That being said, good trading out there!- Nick