We showed the long term picture yesterday and suggested getting bearish on a break below .7781.
However, the near term picture is bullish since there are 5 waves up from .7781 and 3 waves down from .8024. As such, a short term bullish bias is warranted against .7781. Our confidence in this count is low given the possible triangle in the AUDUSD and how pervasive bearish attitude towards the USD.
