In terms of the technicals, the pair has just posted a nice weekly candle, the last 2 sessions in what appears to be a significant impulse. In addition, the reading and current direction imply that we may be looking at a cross-back from oversold conditions, which would be another indication.
If we add to all this the fact that the Dollar Index is running into some significant resistance on the weekly and monthly chart, we may be correct in looking for some correction in the dollar pairs in general, including the AUD/USD .
So, we have a relatively reasonable trade setup in terms of the technicals. In terms of the fundamentals, the recently more dovish Fed Minutes, tends to suggest that a Dollar rate hike may not be forthcoming this year, which means if the AUD/USD price has factored in such a rate hike, an upside correction is all the more likely.
That being said, Australia still appears to be slowing fundamentally, given the slowdown of the Chinese economy, and especially its real-estate sector. Australia's economy is very reliant on Chinese demand for its raw materials, and so these factors may still weigh on the AUD/USD to the downside, regardless of any USD weakness.