Looking at the hourly chart on the EURAUD , the cross looks to have finished a 5-wave advance from 1.4563 to 1.4994 and is now in a corrective mode. We are looking to go long on a pullback inside the rectangle from 1.4870 to 1.4808, for another five-wave advance. We continue to prefer the long side as long as the 1.4563 low is intact for a move back towards 1.5200. Please note that this a short-term trade.