EURAUD Wave 2 Decline appears complete

EURAUD appears to have completed a three wave decline from the highs and stopped close to a 61.8% retracement of the advance. Prices appear to be back testing the former downtrend resistance line. From here, I expect a strong rise to new highs in a Green Wave 3.

AUDUSD Hunt Volatility Funnel

The AUDUSD has set up a large Hunt Volatility Funnel, which if broken should produce a move above High 4 or below Low 3 will produce a 250 pip move from that point in the direction of the break. My preference is that prices will break lower as it has had trouble recently sustaining momentum above its 89 period moving average, but either direction is possible.

AUDUSD 5 Waves Down 3 Waves up Complete

The AUDUSD appears to have completed Green Waves 1 and 2 with Wave 2 being an ending diagonal. There is still the possibility that what I have labeled as the end of wave 2 is only the end of a large Wave A, but I like the look of the count as it stands.