Australian Dollar Rally is Corrective

Commentary: No change in the AUDUSD as the pair trades in a tight range. "The rally from .8051 is most likely wave b of B within an A-B-C from .7673.

Look for a drop below .8051 and possible test of the 61.8% of .7673-.8333 at .7925. A bullish opportunity presents itself there as we would then look for price to turn higher in wave C of the correction from .7673 and eventually test the 61.8% of .8870-.7673 at .8412."
Strategy: Flat