With the trend change pretty much confirmed by now, it is time to step back and take a look at a slightly larger time frame and see where wave 1 could take the Aussie.
The short term internal Elliott Wave structure might not be too valid, technically speaking (for instance, the expanded flat wave (ii) could be incorrect). But the moves down are impulsive and the counter trend rallies overlapping. The area around 0.89 should provide some support, which should not hold for considerable amount of time. The area near 0.86 would be an ideal wave 1 target (but then reality is rarely ideal).
So wave 1 probably ends somewhere between these two regions.
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