AUDUSD made a recent corrective retracement from the 0.7082 level which we labelled as corrective wave 4) as part of a downtrend. The following decline from the swing high of 0.7315 level, where corrective wave 4) had ended can be observed as wave 5), final leg of a bearish cycle which can extend its drop towards the 0.7000/0.6948 region.
AUDUSD, 4h
