Is the AUD/USD in overbought zone?

The AUD/USD has been having a very good rally starting last week when the US Dollar started falling. The Australian Dollar has also gotten support from the Reserve Bank of Australia’s minutes, where the central bank is showing a heighten optimism over the Australian economy. Additionally, the upbeat fundamental data out of China has raised the optimism on the Australian markets due to the fact that China is the main trading pattern of Australia. On the daily chart of the AUD/USD we can see that the pair has broken above the 0.7700 level and accelerates its rally until it broke above the 0.7800 level. Since last Monday the pair has rally again and breaks above the 0.7900 level to come very close to the 0.7986 level where we can find the 200 week EMA. The Stochastics indicator is showing us that the pair is in overbought zone and it could be getting ready to make a retracement or correction. The angle of inclination and separation of the 55 day EMA (purple line) and the 200 day EMA (blue line) is also showing us that the pair is over-extended to the upside and probably ready for a pullback.