Australian Dollar Technical Outlook

Nothing has changed regarding long term bearish implications (5 wave decline from 2008 high indicates additional bearish potential and the corrective rally from .6000 confirms as much). RSI divergence along with mature wave structure at multiple degrees of trend (3 waves up from .6000, 5 waves up from .6245 and 5 waves up from .6950) favors a reversal. Like the GBPUSD, there are multiple warning signs that the pair will top but no evidence of a top yet. Coming under .7740 would favor continued weakness.