Commentary: We wrote yesterday that “the Aussie looks like it to is close to a turn. The rally from .7673 is in its 5th wave (which is from .8750). Similarly, the rally from .8750 appears to be in its 5th wave (so we have a 5th of a 5th). A slight new high (above .9342) is not out of the question but the next large move is likely to be down to at least .8750.”
It appears that the first leg of that move is over and that the rally from .9106 is a correction of the decline. Potential resistance is at the 61.8% of .9342-.9106 at .9252.
Strategy: Sell break of .9106, against wave ii high (that would be .9219 at this point), target TBD (it will be a measured objective)