Australian Dollar Technical Outlook

This is a count that caught our eye this morning. The line extended from the wave ii and iv highs produces is parallel with a line that extends off of the wave iii and iv lows. A dip below .9283 is possible but expect a large countertrend advance this week before the decline resumes. If this count is correct (in which wave iv is extended), then a rally all the way back to .96 is possible. .9475 is expected at minimum.