There are two scenarios that we are following closely. One is that the AUDUSD is in the process of forming the wave 4 low and that price is headed higher immediately in wave 5. The other has wave C of 4 still in progress and therefore price continuing lower towards the 100% extension of .8870-.8444/.8661 at .8235 before a low is extablished.
A drop under .8398 strongly suggests that the latter scenario is playing out. Strategy: Flat