Commentary: We wrote yesterday that “If price exceeds .8853, then the pattern would be cleared up and we would be confident adopting a bullish bias AFTER a corrective decline that brings price back to .8700/65.” The AUDUSD did exceed .8853 and 5 waves up from .8512 are complete (or very close to complete). Expectations are for a decline to reach at least the .8750 level over the course of the next week. This will present a buying opportunity.
Strategy: Flat
Al Bawaba
