The AUD/USD looks like it is currently forming a 4th wave which should complete at around the 0.8920 area which is both near the 4th wave extreme of the last 5 waves down and the 38.2% Fibonacci retracement of that same drop. We can see that wave 1 retraced to just beneath the 61.8% Fib, so wave 4 will likely retrace slightly beyond its 38.2% retracement. I will be looking to short from 0.8910 with a stop at .9015.
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