The failure at .8900 coincided with a failure at channel resistance. The sharp drop that follows raises the case that the wave-4 correction in Aussie is complete. A wave-5 move to new lows or at a minimum a test of .8660 is now expected. S/t, yesterday’s sharp drop was a wave-1 move and now an upward correction can carry towards .8830 which is both a retracement zone and channel midpoint. Confirmation of the bear flag is gained through .8755. Conviction: Med Levels: Support – .8755, .8719, .8660 Resistance – .8805, .8835, .8852
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