The current structure of the AUDUSD pair suggests the formation of a zigzag a-b-c. This currently includes a bearish correction b and consists of primary sub-waves Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ.
The last section of the chart shows the structure of the primary wave Ⓩ. It seems to be an intermediate triple zigzag (W)-(X)-(Y)-(X)-(Z). The final wave (Z) will take the form of a minor double zigzag W-X-Y and could end near 0.645.
At that level, cycle correction b will be at 61.8% of cycle impulse wave a.
According to the alternative, the bearish wave Ⓩ of the primary degree has ended.
The primary wave Ⓩ is a triple zigzag (W)-(X)-(Y)-(X)-(Z) of the intermediate degree. The initial part of a new cycle wave c can take the form of an impulse, or an ending diagonal.
In the next coming trading weeks, the currency pair could move in an upward direction above the maximum of 0.728, marked by an intermediate reactionary wave (X).
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