Commentary: We wrote yesterday that a bearish stance is warranted against .8459 but the Kiwi structure looks very bullish, so be careful with the Aussie. The bearish bias was proved wrong as the Aussie traded through .8459 to .8550 this morning.
Near term, a 5 wave rally is complete from .8274 and a corrective setback is unfolding now. Look for a setback to end in the Fibo zone of .8380-.8444 (61.8%-38.2% of .8274-.8550) before the next advance.
Strategy: Flat