This currency cross has been in an uptrend since October 2008 and now four years later to the date is breaking down. Not only are we breaking below the uptrend-line, but we also have a nice S/H/S top calling for a decline towards at least 0.91, if we close below 0.9956 on a weekly basis. That said from an Elliott wave perspective I would expect this cross to fall all the way back to the 0.7448 low over the next 5 years. Why 5 years? Because wave W took 5 years to develop and the X-wave took 10 years that leaves us 5 years to equality.
The Aussie has been feeding on the China boom, but it might just be over. I know housing prices i Australia has been falling, but this might be a very good time to sell you house and rent a flat, a house or whatever you would like, but owning could be very a expensive experience for the next five years.
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