Australian Dollar Technical Outlook

The AUDUSD rally through .8128 negates the short term bearish bias and leaves the decline from .8269 as just a 3 wave affair, which is corrective. Also, the advance from .7823 can be counted as 5 waves now although wave 4 is large compared to wave 2. Continued strength near term would make it more likely that the rally from .7823 is also a 3 wave correction with .7964 as the end of wave b. Evidence suggests that a triangle or flat is underway from .8269. .8200 is potential resistance.