Australian Dollar Decline Looks Impulsive

Commentary: Yesterday, we wrote that “if the decline unfolds in 5 waves, then we will look to get bearish on the pullback.” The decline does look like a 5 and it also appears that an expanded flat is unfolding now.

Potential resistance is at the 50% and 61.8% of .9077-.8822 at .8950 and .8980. Look for a top and reversal near there.

Strategy: Look to get bearish near .8950/.8980, against .9077, target below .8822