AUD/USD bears lurking - Commerzbank

AUD/USD charted a high last week of 0.7589 which was accompanied by a divergence of the daily RSI – this reflects a loss of upside momentum and attention reverts to the downside. 

Key Quotes:

"Currently we remain unable to rule out a move to the 0.7648 2013-2016 channel (where it should fail). But even this move will remain within the realms of a correction only. We maintain a negative bias, while capped here.

Below the uptrend at 0.7552 should trigger losses to 0.7497 200 day ma, 0.7407 the 55 day ma and then 0.7312/00 then 0.7161/64, the recent lows."