Australian Dollar Continues Assault

Commentary: With 5 waves higher from .8162 and a larger 5 wave structure from the October low at .7415, risk has shifted to the downside and a test of former 4th wave support at .8397 is in order.

If price does continue higher, then look for resistance near a potential resistance line drwn off of the December and April highs. That line is near .8570. A deeper correction is possible and we?ll have to watch the form of the correction, which should last at least a few days, before making a stand. Strategy: None