Australian Dollar 5 Waves Up

Commentary: With 5 waves higher from .8162, risk has shifted to the downside and a test of former 4th wave support at .8354 is in order. A deeper correction is possible and we?ll have to watch the form of the correction, which should last at least a few days, before making a stand.

We?ve been bullish since .8216 and are moving to the sidelines now. Strategy: None