Commentary: We wrote last week that “the rally appears to be in just the 3rd wave within the 5th so the AUDUSD should continue to extend higher.” Wave iii of 5 likely ended at .9271 and the decline is the beginning of wave iv within the 5 wave rally from .8750.
As such, we do expect a new high in wave v (although this wave iv correction should take at least a few days). The support zone is the 23.6%-38.2% of .8935-.9271 at .9192 and .9143.
Strategy: Flat