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 or triangle. If a flat, then price may top close to .8664 (50% of .8870-.8458). If a triangle is unfolding, then a range will persist between .8614 and .8444 for the next day or so. The flat scenario is shown on the chart. [B]Strategy[/B]: Flat