Australian Dollar C Wave Down

We maintain that a C wave decline is underway towards the 100% extension of .8390-.8168/.8349 at .8127.

Near term resistance is at the 5/17 high of .8268 (along with the 21 day SMA at .8279). .8127 would be where wave C would equal wave A (55 day SMA at .8149). The next support level is at .8028 (3/26 low).