Australian Dollar Technical Outlook

At first glance, the AUDUSD decline from .9236 to .9111 looks like an impulse. However, a closer look reveals that the drop is in 7 waves – which is a correction (zigzag). As such, the trend remain up and risk can be moved to .9111. There is no change to the call for a rally to reach the mid .90s, and maybe even 1.00.