Commentary: We wrote last week that, “the AUDUSD is approaching a confluence of Fibonacci levels. The 61.8% of .9077-.8822 is at .8979 and the 100% extension of .8822-.8972/.8838 is at .8988. These are potential reversal levels.
From a short EW perspective, the rally from .8822 is clearly corrective and a bearish stance is warranted against .9077.” Wave 3 (or c) is underway now and the pair is approaching the 100% ext of .9077-.8822/.8893, which is potential support. A short term bearish objective is at the 161.8% at .8580.
Strategy: Remain bearish, move risk to .8993 (from .9077), target .8580