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For this particular cross jim martens has been sceptical of the recovery and believes all the risk is to the downside with support at 8592

AUDUSD (Intraday)
Posted On: Aug 22 2008 11:58AM ET / Aug 22 2008 3:58PM GMT
Last Price: .8687

[Lower, to below .8592]
Key levels: 0.8813


No change here as I can't overlook the corrective nature of the recovery from .8592 to just above .8800 and the impulsive nature of the subsequent fall. The low remains vulnerable.

Repeat:

I've been skeptical of the recovery in AUD$ since last week when the initial leg of the rise unfolded in a corrective manner. Looking at the chart you can see that when measured from the low extreme of the proposed triangle correction the two upward legs of the recovery are equal. From a pattern and measurement perspective I believe the recovery from .8592 is 1) corrective and 2) likely complete.

So the risk is to the downside. Shorter term still, the decline from .8813 looks like it will unfold in five waves. Three waves are clearly visible. Expect a fourth wave correction/consolidation in wave four followed by a fifth wave. Expect AUD$ to remain under pressure.

Jim Martens