Australian Dollar Top at .8972?

Commentary: Yesterday, we wrote that “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.

The Aussie reversed at .8972 yesterday but a larger more complex correction appears to be underway. Still, a cautious bearish bias is warranted against .8972.

Strategy: Bearish, against .8972, target below .8822