Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the relevance of the key support at 0.7477.
“AUD/USD held sideways and has started to erode the accelerated uptrend at .7610 – this adds weight to the idea of a correction lower taking hold near term”.
“As we highlighted last week, the recent high of .7722 had been accompanied by a divergence of the daily RSI”.
“Attention has reverted to support, namely .7477, last weeks low, and .7416 (16th March low). The October and November highs lie at .7384/81”.
(Market News Provided by FXstreet)