Australian Dollar .8162 Potential Support

[B]Commentary:[/B] We wrote yesterday that “we are looking for a drop to .8235.” The Aussie has dropped below .8235 and the next level of potential support is the 5/29 low at .8162. Remember that the longer term structure suggests that the drop from .8870 is a wave 4 and that a new high will be registered (above .8870) before a bigger decline corrects the rally from .7268.

For this bullish count to remain favored, price needs to bottom close to (or above) .8162. [B]Strategy:[/B] Flat