Commentary: We have favored a larger setaback in the AUDUSD in order to complete wave C in an a-b-c correction from .9400. It is possible that the correction is over at .8549, which is just shy of the 50% retrace level of .7673-.9400 and the 200 day SMA at .8532. The next level of support would be the 61.8% at .8333. A cautious bullish bias is warranted against .8549.
Strategy: Bullish against .8549, target above .9400
Al Bawaba
