AUDUSD potential for bounce?

With current prices at the trendline which has supported AUDUSD higher during its rally from the 2008 lows and just above horizontal resistance from the top of Wave A Green, I believe there is significant potential for a correction higher in the AUDUSD, allowing better shorting opportunities. However, if prices take out the support at .9700, I would expect a much sharper move to the downside to unfold.