The following is from DailyFX:
AUDUSD Technical Outlook
Near term, an AUDUSD correction is due. The rally from .7673 is in its 5th wave (much like the USDCAD decline from 1.0866), daily RSI is divergent with recent highs and overbought, and price is approaching a potential resistance line drawn off of the May 2006 and July 2007 highs. That line is just below .9100 (about 100 pips from current price). A correction could bring the Aussie back to the 9/21 low near .8600 or the 38.2% of the rally from .7673, which is near .8500. A decline to these levels would offer the opportunity to position for a test of the confluence of lines shown on this chart near .9500. If the decline from near current levels unfolds as an impulse (rather than a correction), then we will favor the downside. Developments are always updated in the daily technicals.
http://www.dailyfx.com/export/sites/...Outlook_1_.gif
AUDUSD Technical Outlook
Near term, an AUDUSD correction is due. The rally from .7673 is in its 5th wave (much like the USDCAD decline from 1.0866), daily RSI is divergent with recent highs and overbought, and price is approaching a potential resistance line drawn off of the May 2006 and July 2007 highs. That line is just below .9100 (about 100 pips from current price). A correction could bring the Aussie back to the 9/21 low near .8600 or the 38.2% of the rally from .7673, which is near .8500. A decline to these levels would offer the opportunity to position for a test of the confluence of lines shown on this chart near .9500. If the decline from near current levels unfolds as an impulse (rather than a correction), then we will favor the downside. Developments are always updated in the daily technicals.
http://www.dailyfx.com/export/sites/...Outlook_1_.gif