I spent today analysing the AUDUSD's daily highs and lows, and where we'd often find them over a 24 hour period.
I looked at data from late October 2012 to February 2014. This is the distribution of the currency pair's daily highs and lows, sorted by hour. Just like the USDJPY, the daily highs and lows seem to be concentrated towards the start of the day, before the Tokyo session and during the first few hours of the Tokyo session. We then see a concentration during the US session, especially during the European / US overlap.
What is the probability of finding a daily high OR low within each hour?
Overall, the results are similar to the USDJPY, which was what I expected. Again, you can probably build some sort of breakout strategy based on the first 4-5 hours of each day.