We turned bearish on AUD early last week after a daily close beneath the trend line connected from March lows.

Notice that recovery from there was made only in three legs, which is the corrective price action, so we are now looking for even weaker AUD as wave E in a big triangle wave IV) appears incomplete.

Ideally market is now in a second zig-zag headed beneath 1.0100 where we see a rising trend line connected from the 2011 low plus a 78.6% retracement compared to wave D.