The start of a major correction or maybe...Reversal

We are currently seeing the markets get exhausted from the bullish run that began Apr 22 with speculation surrounding the rate cuts by the RBA and declining economic activities such as housing and construction. As of yesterday we have now seen the pair test multi year highs and get rejected and I look for a correction within the next weeks as negative data such as trade war and future rate cuts have now being priced in.
From a technical perspective I look for a “reversion to the mean” as I like to call it which would be around the 1.6172 area as we have the bearish divergence on the MACD along other indicators signaling a bearish turn with bull exhaustion.