Strategy: Long, looking for a corrective rally toward 0.7450
|Analysis/Comments: The Aussie has fallen a whopping 12.9% this year. Yikes. The idea of a trade war between the US and China has not been good for the currency; as Australia to a large degree is somewhat of an extension of Chinese growth. Guided by Occam's razor (the simplest solution is usually the best solution) I have simplified this chart labeling; and it shows the key extension target to the most recent low at 0.7081 (0.7083 actual low); as seen more clearly in the 240-min chart (next page). A corrective rally in Wave B is shown carrying to 0.7450, or a 61.8% retrace of Wave A. So, 0.7450 is our new target; not 0.7500.
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