Australian Dollar Testing .8390

Commentary: We have maintained that “the break through short term trendline resistance following the 3 wave correction from .8390 sets the stage for a re-test of .8390 (and likely break above in a 5th wave).”

Price is right at .8390 and exceeding this level satisfies minimum expectations for the end of wave 5. However, wave 5 is likely to extend much higher. Measured objectives for the end of the rally from .8162 are at .8591 and .8726. Strategy: Bullish now, against .8162, targeting a break above .8390