The faith of AUD should soon be decided. A break below strong support at 97.16 will confirm that we saw an important top at 110.80 and the end of wave C of the second zig-zag. A break below 97.16 could spark a sever downturn towards the 81 – 83 area where the next serious support is found. Longer term I looking for a decline towards the 64 area.
Short term I would expect resistance at 103.52 to protect the upside for a break below 103 and more importantly 101.08, which confirms the test of strong support at 97.16.
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