The current AUDUSD structure hints that a major bearish trend is forming in the market, consisting of primary sub-waves ①-②-③-④-⑤.
After the completion of the primary wave ④, the market continued to move down in a new bearish impulse ⑤, which at the time of writing was only half-built.
It is likely that in the next coming trading days, the market expects a decline in the 0.648 area. The target could respect the tenancy of primary impulse waves ③ and ⑤ being equal.
A look at the alternative scenario shows that a 5-wave bearish impulse c of cycle degree can end much higher than the level specified in the main scenario.
According to this variant, the formation of a sideways intermediate corrective wave (4) was recently completed, after which the bearish trend continued in the wave (5).
It is likely that the bears headed near 0.654. at that price level, primary impulse wave ⑤ will be at the 78.6% of impulse③. Given that this coefficient is very common in such waves, the probability of the wave ending at 0.654 is high.
After the end of the bearish trend, the market could expect a bullish correction or a new uptrend.