I am looking at a possible long opportunity in EUR/AUD. I have labelled the move from the 1.3676 low (I see this as the end of a wave b) as a 1 2 with the 3 still dividing up. It looks like we have just made iv of 3 and are going for v. I have labeled iv as an expanded flat with an ending diagonal c. If this is correct the move should be very rapid. a break of 1.4579 will help confirm this and the invalidation is 1.4425. I am looking for a target of around 1.4950. at 1.4950 have v would be 61.8% of wave i-iii. At 1.4935 wave iv would be 50% of the impulse. We also have the RBA Assistant Governor Debelle speaking tonight and the RBA minutes released in the early hours.
