Australian Dollar Technical Outlook

The AUDUSD advance is tracking our preferred count, confirming that the decline from .9653 was corrective and that the pair is likely headed to a new high.

We wrote yesterday to “remain bullish as long as price is above .9327 but traders may wish to lighten up on a move through .9566 (shown above).  This could complete a 1st wave and give way to a correction that comes back to at least .9492.”  It does look like there are 5 waves complete at .9585 and a 3 wave correction should take place and end no lower than .9487. 

STRATEGY: Bullish, against .9327, target TBD (but a corrective decline should be underway towards at least .9487)