AUDUSD is showing us a potentially completed higher degree three-wave recovery as in an A-B-C manner. We see final wave C of IV completed at the 0.81234 level and recent sharp reversal that followed can be start of a new bearish cycle. We see wave 1) in progress, that can search for a low near the 0.7562 former swing low and from there make a new corrective three-wave rally into wave 2). Once wave 2) fully unfolds, more weakness into upcoming wave 3) can follow.
AUDUSD, Daily
