FXstreet.com (Barcelona) - Australian Dollar decline from 0.9215 intra-day high has extended on European trade below 0.9130 (Nov 19 low) and the pair approaches 0.9100 area at the moment of writing; 0.77% below its day opening level.

According to Ian Coleman, technical analyst at Turtle Futures, once below 0.9141, the pair could reach 0.8957 low: Just about to hit our trigger at 9148. This would be a 5th wave. All indicators are confirming. We may get to 8957, as commodity pairs will normally run to 261.8% and possibly beyond.

At the moment, the pair trades at 91.10, right at upward trendline from March lows, and in case of breaking below here, next support level could be at 0.9025 and 0.8950 (late October lows). On the upside, resistance levels lie at 0.9210/15 session highs, and above here, 0.9270 and 0.9330.