Australian Dollar Technical Outlook

The AUDUSD is slipping below the trendline that has held since late January but there is no sign of a reversal as the decline is more of a consolidation. With this in mind, a continuation of the advance is likely. “The rally from .8952 is wave C of a large 5th wave diagonal that could extend to a measured objective just below 1.00 in coming weeks (.9936).” Not until we see a 5 down or a drop below .9273 would we consider adopting a bearish bias.