Last week we raised the case for a break of 1.0170 and further decline to near 1.000. The break has cleared major support and led to an even deeper decline. The triple top that Aussie left behind projects a move through triangle support to .9631, that is just above the 2012 low at .9582 (both are plausible and expected targets). (dly) S/t, a 5 wave decline is a little more than halfway complete. Wave 3 targets the 161.8% extension at .9801, Further symmetry calls for an eventual move to .9632…this aligns nicely with the triple top target (noted above). Resistance is 1.0004 & 1.0108. Next minor support is the old triangle uptrend at .9847. (hourly) Levels: Support – .9847, .9800, .9632 Resistance – 1.000, 1.0047, 1.0108
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Nomura