Australian Dollar Under 20 day SMA

The AUDUSD has come under the 20 day SMA and briefly traded below .8233 support this morning. Weekly RSI is divergent and above 70 for the first time since November 2004. The rally from .7678 is an extended 5th wave, which are often fully retraced.

Near term resistance is at the 20 day SMA / 5/1 low at .8271/81. Rallying above the short term resistance line indicates additional bullish potential and would negate our bearish bias.