The AUDUSD structure shows a bearish impulse consisting of waves ①-②-③-④-⑤.
The first four parts of the primary degree pattern appear to be fully completed.
At the time of writing, the intermediate wave (1) of ⑤ is complete. Correction wave (2) of the intermediate degree move is under development.
The end of wave (2) could take prices up to 0.650. Here, wave (2) will be at 61.8% of wave (1).
Let’s consider an alternative scenario, as seen above. According to this, the development of primary correction ④ has not yet completed.
The structure of the intermediate degree correction suggests a triple zigzag as indicated by waves (W)-(X)-(Y)-(X)-(Z).
As part of the last corrective move upwards, we could expect a short-term upside in wave (Z) above 0.656 or even higher.
This level, the previous high recorded by minor wave A, will have to break to validate wave C.