Because of only three waves of retracement from the highs down to 0.7089 we see Aussie still recovering but in a more complex structure. It can be double zigzag head into 0.7180 area.
AUDUSD can be unfolding a five-wave drop from the 0.7315 swing high, which we labelled as an ongoing higher degree wave 5). Wave 5) is motive wave so it must be structured by five waves so recent rise we labelled as corrective subwave 4 of 5), which found resistance at the 0.716 level, meaning current intra-day weakness can be start of a new push down that can take price towards the 0.7000/0.6950 zone.
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