Aussie bounced right off major .8660 support and formed a bullish hammer candle; on the 240min chart below there was bullish engulfing. The follow through o/n confirms a short-term reversal underway. So far the rally off the lows is impulsive and argues for a deeper correction ahead. A multi day rally could mark wave-4 within the larger downtrend. S/t, the unfolding 5-wave rally off the low (wave-a) targets .8831 to .8868. We have laid out an ideal path for a wave-4 zigzag to a Fib retracement zone around ~.8930. Initial support and resistance today is .8768/.8831. Conviction: Med Levels: Support – .8768, .8748, .8660 Resistance – .8831. .8868, .8930
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