Australian Dollar Technical Outlook

The AUDUSD has finally broken its range (this is a sign that the EURUSD and GBPUSD are to follow). The pair is contained by a false (non-Elliott) channel right now, but such channels do not hold. There is potential resistance from Fibonacci at .7920. The trend is considered down against .8044. If the above count is correct, then the decline should accelerate within the next several days.