Due to the unexpected Royal Bank of Australia rate hike with 0.25% to 4.75%, its carry trade value increased and supported the Australian currency which consolidated in a probably corrective 4th wave (thus renumbering the waves mentioned in the previous posts) just below 1 against the USD dollar and then sprang in a potential final push into the 161.8% extension of the latest April - May 2010 correction. An a-b-c correction finally started and we shall have to check if the c wave will stop on the uptrend and return towards 1 (building a potential head and shoulders formation) or the uptrend is broken and retraces towards 0.94 in the following weeks.
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