AUD ag. JPY broke below its uptrend-line from early February calling for a major decline in red circle wave 5, which should ultimately fall below the bottom of red circle wave 3 at 55.05.
Red circle wave 4 found its top at 85.31 just shy of the 61.8% retracement of red circle wave 3 at 85.61. The break below the uptrend-line at 80.84 calls for a wave 3 move down to the 67 - 70.55 area. I would expected 70.55 would marke the bottom of wave 3, but time will show.
NZD ag. JPY is pretty much in the same position thus a bit further ahead, which is very commen. NZD the smaller currency is almost always lead the way down ahead of the AUD.
The break below the Shoulder/Head/Shoulder neckline at 63.64 in Asian trading has triggered the top-formation for a decline to 56.58, which also happens to be where wave 3 would be 1.618 times longer than wave 1.
EUR ag. AUD has ended a large A-B-C correction 159.42 calling for a rally to at least 181. the ongoing wave iii is expected to reach at least 168.72 but a more likely target would be 173.08, where wave iii would be 2.618 times longer than wave i.
Again NZD leads and has broken clearly above wave 1 high at 206.95 calling for a continuation towards at least 215.62 but more likely 225.79 where wave 3 would be 2.618 times longer than wave 1.
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