Last week’s analysis in Aussie called for further upside based on a bullish base and breakout; we are unchanged from a week ago but now that prices have corrected to the old breakout at 1.0373 we expect another rally to continue the uptrend from February. S/t, 4 waves are complete and have exhibited nice symmetry so far as Wave-3 was 1.618*Wave-1. Targets for the final rally higher in this initial uptrend are between 1.0573/1.0631. The former is a symmetry target and the latter the long standing base projection. Expect 1.0573 to offer firm resistance as there was a double-top formed at this level in January. Finally key support is now 1.0388/73. Levels: Support – 1.0428, 1.0388, 1.0373 Resistance – 1.0496, 1.0573, 1.0631.
Nomura