The AUD looks like the strong rally that started against most major currencies 4 weeks ago after touching a low close to par, may be slowing down and getting ready for either some consolidation or a correction. Looking at the day chart you can see the upside down hammer formation from Tuesday and progressively lower highs since. Stochastic is high and looking like it is about to cross to downside momentum. The ADX touching 60, showing signs of overbought as well. I would expect some correction from here over the next few days or at least sideways movement. RBA publishes minutes next Tuesday so it will probably be the latter.

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