FXtreet.com (Barcelona) - Australian dollar dropped about 150 pips on Monday, extending its reversal from 0.9330 high and although the pair attempted to pick up, it was rejected at 0.9220 and sent back to 0.9160.

A correction of the Aussie´s recent uptrend is underway, and according to the AceTrader Technical Team, upside attempts will be capped at 0.9240: Despite Aussie's intra-day strong rebound to 0.9219, as yesterday's sell off to 0.9125 signals a correction of recent uptrend is under way, reckon 0.9240/40 should cap upside and yield another fall to 0.9180 and possibly towards 0.9160 but said support would hold firm here.