AUD/USD Analysis (August 2)

After an impressive rally towards a fresh record high at 1,1080 the pair seems ready for a corrective move as the market reached the upper weekly bollinger band.
A break below 1,09 would expose former daily range top at 1,08 for a 50% retracement of the current rally. The main trend though remains definitly bullish and it will take time before we see a clear reversal structure on the long term charts.
Inversely, a break back above 1,10 would accelerate the move to the upside.