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Aussie rallied into a new high in recent sessions, after the prices were unable to break through the swing lows that we paid attention on in the past week. So as long this pair will be forming higher highs and higher lows, trend will be considered as a bullish, but still corrective!

We are now looking at the updated wave count from August lows which is corrective, showing a double zig-zag pattern with final part; wave (c) in progress. If we are correct, then an impulsive bearish reversal should occur in coming days, but the question is from where!?

We will keep an eye on resistance at 1.07; testing right now, and then maybe even at 1.09, where second will equal to the first zig-zag.

Once/If we get an impulsive fall then we will focus for higher US dollar in days ahead.

AUD USD Elliott Wave Analysis August 31 2011

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