[B]Commentary:[/B] We has been looking for a top and reversal near the 38.2% of .8662-.7675 but the Aussie has surged higher. The AUDUSD looks similar to cable in that the decline from the top (.8870) is in 3 waves. This leaves open several possibilities but we favor labeling the decline from .8870-.7675 as wave A.
The rally from .7675 is wave B (or just the first leg of wave B). Strength may continue until the 100% extension of .7675-.8092/.7955 at .8374. The 61.8% of .8870-.7675 at .8413 defends this level as well. Near term support is at .8120. We do not feel confident enough in the pattern to take action.