One can make the case that a larger decline is underway from .7966 because the decline from .7966 to .7781 is in 5 waves. This suggests that another 5 wave decline will occur. The rally from .7781 could be an a-b-c rally with wave b as a triangle; which supports a short term bearish bias. Our confidence in the pattern is low though given that the AUDUSD favors dollar weakness (after a brief period of Aussie weakness). If what we are seeing is correct, then the AUDNZD may be ready to break out to the upside.