Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted the relevance of the key support at 0.7477. Key Quotes “AUD/USD held sideways and has started to erode the accelerated uptrend at .7610 – this adds weight to the idea of a correction lower taking hold near term”. “As we highlighted last week, the recent high of .7722 had been accompanied by a divergence of the daily RSI”. “Attention has reverted to support, namely .7477, last weeks low, and .7416 (16th March low). The October and November highs lie at .7384/81”. For more information, read our latest forex news.