There are a few scenarios brewing in Aussie but the gut reaction at first look is that the recent channel break is part of a bull flag correction unfolding as zigzag wave-(4). (below .9203 negates the alternate triangle idea). The zigzag targets Fibs & channel support at .9160. Below .9157 and we need to consider a more serious decline but that is still secondary to the preferred bull flag. (daily) The 4-hour chart is tracing a sharp decline that likely is completing a powerful wave-3. A wave-4 correction is expected from here as minor bullish divergences hint that a move just completed. Fib retracements from current support levels target a move back to a zone b/w .9275/9314. (hourly) Conviction: Med Levels: Support – .9203, .9171, .9158 Resistance – .9243, .9275/95, .9314
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Nomura