Another reason to be wary of the AUDUSD rally is that the NZDUSD structure looks bearish. The decline from .7966 to .7781 is in 5 waves and the rally from .7781 was an a-b-c rally with wave b as a triangle. The decline from .7956-.7814 is best counted as in 5 waves; and not having established a new low suggests that price will come under .7814 and then .7781 in coming days.
Al Bawaba
