At the monthly chart level, the $AUD-USD appears to have completed Grand Supercycle w.IV where the internal structure breaks down in a w.(c) = w.(a) at 1.1086 relationship. A loss of .9705 would confirm that the top is in, clearing the way for a massive impulsive move to the downside.
This view aligns commodity currencies, like the Aussie Dollar, to the recent strength in the USD (not shown) and the most recent weakness in the CRB Index.
Australia is a large exporter of gold, copper and wheat and there is a high degree of correlation between the AUD and these markets. With the wave count calling for a decline in the currency against the USD, one would expect that the price of correlated markets to also decline. Needless to say, each of the corresponding commodity charts are bearish.
$AUD-USD continues lower. I maintain a negative outlook for the pair and commodities.
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