Australian Dollar Technical Outlook

We got the drop to a new low and test of .85 but there is no evidence of a bottom yet.  As long as price is below .8688, the AUDUSD is vulnerable to additional weakness.  

Again, there is a count that treats the decline from .8813 as wave x  (since the decline is in just 3 waves).  Under that count, price would exceed .8813 before dropping to a new low.  Yet another count treats the drop as wave i of an ending diagonal.  There are many possibilities right now…too many to make a confident forecast.