The market has accelerated gains over the past several hours and although the Australian Dollar outperforms all other major currencies, we still classify the latest surge as corrective and look for a near-term resumption of bearish price action. Hourly studies are now looking stretched and with a daily average true range of 150 points, we like the idea of looking to fade the latest strength on a move to 0.8770 today. There is some key interday resistance by 0.8860 and stops will be placed above this level. STRATEGY: SELL @0.8770 FOR AN OPEN OBJECTIVE; STOP 0.8870. RECOMMENDATION TO BE REMOVED IF NOT TRIGGERED BY NY CLOSE (5PM ET) ON THURSDAY.