Commentary: We wrote yesterday that “near term resistance is at the 61.8% of .9032-.8917 at .8988. A rally to there would complete either wave 2 or b and lead to a larger decline.”
This scenario may still be playing out as the Aussie has rallied to .9011 and stalled. .9032 is critical to the very short term bearish bias. If short, keep risk tight if price drops below .8912 (that could signal the end of an a-b-c correction from .9032).
Strategy: Remain bearish, against .9032, target TBD