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AUD/USD – The market could finally be showing signs of exhaustion, with the daily chart rolling over and contemplating a short-term top at 0.9330. Last Tuesday’s break below 0.9110 is significant and now strengthens bearish case, with the market ending a sequence of consecutive weekly higher lows and carving out a bearish reversal week. The weekly RSI has just rolled over from overbought and confirms need for a healthy corrective pullback over the coming days/weeks. Look for a break below 0.8900 to confirm bias and accelerate declines into the 0.8700’s. Any rallies are expected to be well capped ahead previous support now turned resistance in the form of the 20-Day SMA.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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