Australian Dollar Technial Outlook
Recent commentary states that “we do think that the rally from .8512 to .9014 completed wave 1 in a larger 5 wave bullish cycle and that the decline from .9014 to .8817 completed wave 2 of that cycle. This count implies that wave 3 up is underway now and that the rally should accelerate. The rally has yet to do that, which calls into question our count. Still, as long as price is above .8817, we remain bulls.” This setback in the AUDUSD presents a great bullish opportunity against .8874.
STRATEGY: Bullish (now is a good time to initiate or add to this position), against .8874, target TBD