Australian Dollar Short Term Bullish Above .8707

[B]Commentary:[/B] We wrote yesterday that "sideways consolidation is likely to occur in small wave iv (of v of 3) before a new high is extablished.

A measured objective for the end of the advance from .8162 is the 161.8% extension of .8162-.8476/.8332 at .8840." The Aussie appears headed to a new high (above .8762) as the rally from .8707-.8750 is a 5 wave affair. A bullish bias is warranted against .8707.
[B]Strategy:[/B] Bullish now, against .8707, targeting .8840