Aussie has retraced 38.2% of its decline from 1.06-.8900; the rally fits the description of an a-b-c correction complete with a 1.618 relationship between waves-a & c (daily). An interesting geometric pattern with a variety of pre-defined Fibonacci retracements/extensions is also signaling a top in Aussie.
To be clear, trends are still bullish and Aussie broke out of a 2+ month base. In a case like this, when the Elliott & Fibonacci analysis are in direct contrast with classic trend and pattern, we need to see a clear 5-wave decline to confirm that a turn is taking place and that is what the hourly chart is indicating. Near-term support is .9394 and .9361. Resistance is .9427 & .9524. Eventually breaks of .9319/.9233 will suggest a move to new lows. Levels: Support – .9394, .9361, .9319 Resistance – .9427, .9460, .9529
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Nomura