AUD/USD - RSI has diverged - Commerzbank

Omkar Godbole FXStreet Contributor

AUD/USD hit a new 4-month high of 0.8039 on Friday, but the RSI indicator diverged (lower highs). So, is the AUD/USD in for a short-term correction?

Commerzbank Analyst Karen Jones sees a move lower very near term. "Currently the Elliott wave count is suggesting a retracement into the .7930/.7875 band", writes Jones. Also, the spot may find support around the accelerated trendline (sloping upwards from Dec. 11 low and Jan. 10 low) support at .7919.

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Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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