Australian Dollar in C Wave Down

With the AUDUSD failing (so far) at the 78.6% of .8390-.8168 and with the rally from .8168 failing to appear impulsive, it is possible that a larger correction is playing out.

As long as price remains below .8349, our favored view is that a C wave decline is underway towards the 100% extension of .8390-.8168/.8349 at .8127.