According to Karen Jones, at Commerzbank, the australian dollar could correct further down against the us dollar, towards the area 0.7940.
«The new maximum of the AUD/USD at 0.8125 has been accompanied by a large divergence of the daily RSI. Directly above is the peak of may 2015 at 0.8162/66 and the reversal of 50%. Over there is located the maximum of January 2015 at 0.8295. Allow a reversal to the upward trend in 0.7942, short-term and we have gone on to have risks that the uptrend may not be sustainable».
«Below the bullish trend is 0.7808, a minimum of August, which keeps good support at 0.7748/41. Is where you will find the highs of February and march, and while above here the market will continue to be sued».
«Long-term outlook is positive. The pair has broken to the topside of a large triangle formation that points finally to 0.8715».