Australian Dollar Support at 200 day SMA

[B]Commentary[/B]: Last week, we wrote that “it is possible that the correction is over at .8549, which is just shy of the 50% retrace level of .7673-.9400 and the 200 day SMA at .8532. A cautious bullish bias is warranted against .8549.” The AUDUSD has soared and is near .8800. Like the EURUSD, this could be the beginning of a 5th wave that carries the pair near 1.0000.
[B]Strategy[/B]: Bullish against .8549, target above .9400