Australian Dollar Technical 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.” The bull case is reinforced by the 5 wave advance from .8874. Look for support near .9016 in order to initiate or add to longs.
STRATEGY: Bullish, against .8874, target TBD