Australian Dollar To Exceed .8947 Before Reversal

Commentary: With the decline from .8947 clearly a corrective one, we see it as probable that .8947 will be exceeded prior to a reversal. Impulses are always in 5 waves or derivations thereof (such as 9, 13, 17, etc.).

A rally to a new high (even if just a slight new high) above .8947 would satisfy minimum expectations and then lead to a reversal. A large corrective decline should follow (possibly back to .8600). Strategy: Flat