Australian Dollar Bull Returns

Commentary: We wrote yesterday that "the decline ended this morning at .8373 and looks like a sharp 2nd wave correction. The very short term charts (like the EURUSD) show impulsive upside action.

As such, it it likely that a low is in place at .8373 and that price is headed higher (above .8510) over the next few days. We?ll look for targets in the days ahead. A rally through .8421 would increase confidence in the bull argument." The Aussie did drop below .8773 and stopped us out but the pair has skyrocketed since. Support should be strong near .8417. We still expect a rally through .8510 by next week. Strategy: Look to align with bulls near .8417, stop at .8355, targets TBD