Commentary: We wrote yesterday that “the internal structure suggests that this break could extend for some time. If wave 5 from .8750 equals wave 1 (.7673-.8333), then price would extend to .9410. The rally made it to .9145 today.
Since the pair is in a larger 5th wave, every tick higher increases the risk of a reversal. But, the rally appears to be in just the 3rd wave within the 5th so the AUDUSD should continue to extend higher. The structure is bullish as long as price is above .8935. Short term support (for those that wish to try and join in on the rally) is the …9041/82 zone.
Strategy: Flat