Australian Dollar Challenges .8300

We wrote yesterday that "the decline from the top is in a corrective 3 waves - thus we are suspending our bearish forecast. The pair has pushed through the midpoint of the short term channel (see chart below),

which gives scope to a test of channel resistance near .8300 (more bullish potential exists on a break above .8300)." The AUDUSD has been turned back from the .8300 figure but the structure remains bullish above .8242.