The current bear market on AUDUSD shows a primary degree ①-②-③-④-⑤ move. The 5-wave substructure is part of an impulsive cycle degree a-b-c correction, and particularly of wave c.
The recent upside from the 55c. lows show a bullish correction in wave ④ that consists of intermediate waves (A)-(B)-(C) and is a completed zigzag.
Currently, the decline noticed in wave (1) is the initial part of the primary bearish wave ⑤, which is likely to take the form of a 5-wave impulse.
In the medium term, we expected the impulse move to reach the previous low of 0.550, at least.
In case wave ④ is not completed, then this would most likely turn into a triple zigzag pattern. Here (1) is a minor degree corrective wave and part of the second intervening wave (X).
At the time of writing the bearish wave (X) is under development as waves B and C of the minor correction are not finalized. The final pattern can be expected to take a flat formation.
In the short term, we could see prices decline in wave (X) near wave A to the area of 0.628.
Then, we could see the pair head higher in the final intermediate wave (Z) near 0.651. Once primary wave ④ is completed, prices can be expected to weaken.