AUDUSD started dropping from the 0.713 level where a corrective wave ii) as part of an upcoming five-wave cycle within wave c found resistance. Current sharp drop we now see as sub-wave iii) which can take price towards the 0.7000 zone. Once impulsive wave iii) fully develops, that is when a temporary pullback as wave iv) may follow.
On AUDUSD we are tracking a higher degree complex correction within wave B), as part of a three-wave recovery away from 2019 lows. Specifically, we see price trading at the end of a complex, triangle correction within minor wave b of Y, so be aware of a drop towards the 0.700/0.690 area in upcoming days or weeks.
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