We entered short AUD/USD last week after prices put in a bearish Evening Star candle formation, hinting a double top may be in place in the 0.9051-85 area (marked by the
On balance, we will continue to hold short for now. The initial objective remains at 0.8906, the 14.6% Fibonacci expansion. Breaking below this boundary on a daily closing basis exposes the 23.6% level at 0.8807. A stop-loss will be activated on a daily close above 0.9085.