The AUD is looking good for a short to medium term move higher. It looks to be tracing out a reversal head and shoulders pattern. I would expect a small retracement to form the right shoulder before the currency attempts to break through the neckline. The typical pattern target is shown and any move through the $0.80 region will also invalidate the impulsive count to the downside and place the currency in a neutral position. Waiting for either a breakout through the neckline or a retracement into the right shoulder to make an entry. I would certainly not expect a new trend higher but a larger corrective wave (B) to form which should take the form of three larger waves.