The larger correction from august 2015 has likely ended at 0.7295. Smaller degree wave 2 seems to be complete at 0. 7240 which suggests a big decline will follow from here. A surge above 0.7295 would invalidate this scenario.
I completely agree with your overall bearish view on this. It seems we're completing the first five down now.
EWStructures
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Yeah Ezodisy I think a top is in place at 73.25 but it will go up soon in a wave 2 . Also I reckon AUD/NZD completed a wave 2 at 1.0312 (already in wave 3) so I think NZD is the better one to short against the USD rather than Aussi.