Australian Dollar Correcting Back to .8600

Commentary: We maintain that a short term top is in place at .8702 as 5 waves are complete there from .8274. The correction unfolding from .8702 is either complete at .8605) or the decline from .8702 is just the first leg in a more complex correction.

In the latter case, price should drop below .8605 (marginally) before the next bullish leg gets underway. We favor this scenario because the rally from .8605 is not an impulse. Strategy: Flat