As we mentioned earlier this morning, there are very few orders on the AUD/USD books between .7050 and .7275 and we have seen the market drift off 70 pips since. If you were lucky enough to get short near the top, I would be starting to cover now as momentum and interest are still lacking. I still think there is a possibility of another 75/100 pips on the downside but the risk/reward is not as good as it was this morning.