Australian Dollar Technical Outlook

I wrote Friday that “the AUDUSD B wave is underway towards the Fibonacci zone (.8247-.8076).  There is a count (not shown), that treats the top at .8524 as the end of an expanded flat.  Both counts warrant positioning for a decline now, against .8524.” 

Similar to the other pairs, it is possible that a larger term decline is underway.  It is also possible that the decline from .8524 is wave B within a larger correction.  We’ll look for clues that clarify the picture.