Australian Dollar Bullish Above .8396

[B]Commentary[/B]: Our assumption is that a correction ended at .8332, which is the 100% extension of .8476-.8365/.8447. We wrote last week that "once we see evidence of an impulse rally, we will get bullish against the swing low (which is .8332 now).

A rally through .8447 warrants bullish action." The rally fom last week?s low is is impulsive, and strongly indicates that at least one more 5 wave rally is expected with .8332 remaining intact. We are keeping risk confined to .8396 (which is the low of wave ii). [B]Strategy[/B]: Bullish now, against .8396 target TBD