Commentary: We wrote yesterday that “with the rally from .9106-.9400 in just 3 waves and with the decline from .9400 appearing impulsive, evidence favors labeling the down, up, down sequence from .9342-.9106-.9400 as an expanded flat, with wave C of that flat currently in progress.
As such, it is our contention that price will drop below .9106 before the Aussie finds good demand.” The pattern is unfolding as expected so favor the downside until at least a break below .9106.
Strategy: Bearish, move risk to .9329 (from .9400), target TBD (below .9106)