Australian Dollar Clear Short Term Bearish Opportunity

Commentary: We are looking at the very short term charts this morning because the decline from .8947 may be in 5 waves and if that is the case, then there is a bearish opportunity.

The rally from .8807 could very well be unfolding in 3 waves as either larger wave B or 2. Look for a short term bearish entry near .8894/.8917 (61.8%-78.6% of .8947-.8807).

Strategy: Look for bearish entry near .8894/.8917, against .8947.