Australian Dollar Technical Outlook

The drop below .9677 may be a C wave of an A-B-C decline from .9849.

If so, then the AUDUSD is near a low and .9849 will be exceeded. Similar to the EURUSD though, the decline is getting a bit deep for a c wave so probability is increasing that a major top is in place. We’ll look to identify safe bearish entry points going forward.