Australian Dollar Near Term Bullish

[B]Commentary[/B]: The decline from .8870 is the beginning of larger wave 4 within the 5 wave rally from .7268. Over the next several weeks, the AUDUSD could decline to the former 4th wave at .8162. Wave A of the decline ended at .8458 and wave B is underway now.

Wave B is unfolding as a flat and may top close to .8664 (50% of .8870-.8458). It is also possible that the larger 4th wave is complete and that the rally underway now is larger wave 5. Either case is near term bullish until at least a rally above .8614. The form of the rally will tell us what to expect in the future. [B]Strategy[/B]: Flat