Australian Dollar Decline is Corrective

Commentary: Price remains below the 61.8% of .8870-.7673, but the decline off of the high (.8437) is undoubtedly corrective. One more leg of the correction (wave c) is expected to come under .8342 and possibly test .8324 before the next leg higher begins.

The corrective action warrants a bullish bias as long as price is above .8171. Strategy: Look to get bullish near .8324, against .8171, target TBD