We flattened our Aussie long near wave-(3) anticipating a wave-(4) correction minimally to .92. The correction completed and held key channel support. The rally since is wave-1 in what is a final wave-(5) rally with an ideal symmetry target at .9610. (daily) S/t, wave-(1) sports a clean, impulsive rally and a similarly textbook a-b-c correction to mark wave-(2). This satisfied correction along with a classic bull flag suggests that a new wave-(3) is set to begin. We are initiating a long AUD$ position with a SL at .9317 and a TP below the .9600 target. (hourly) Conviction: Med / High Trade: Long AUD$ .9358; SL .9317; TP .9590 Levels: Support – .9342, .9334, .9321 Resistance – .9386/94, .9461, .9610
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Nomura