Australian Dollar Technical Outlook

Please see Yesterday’s techs for the longer term AUDUSD wave count (which explains the diagonal).

The rally from .7673 is the final leg of the diagonal. Each leg of a diagonal unfolds in 3 waves (A-B-C). Wave C of this final leg is from .8512. Objectives for the end of the rally are at .9936 and 1.0238. We’ll attempt to identify a bullish entry on a dip below .9391.