Australian Dollar Testing Resistance Line

Commentary: We maintain that a C wave decline is underway towards the 100% extension of .8390-.8168/.8349 at .8127. Bears are in control as long as .8265 remains intact. .8127 would be where wave C would equal wave A.

A break under .8168 would support our view. The AUDUSD is testing resistance right now from a short term trendline drawn off of the 5/15 and 5/23 highs. Strategy: Bearish against .8265 targeting .8127