In the long term, AUDUSD seems to be forming a bearish triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ. The primary wave Ⓩ is a simple zigzag (A)-(B)-(C). The intermediate wave (B) of this zigzag took the form of a simple bullish zigzag A-B-C.
At the moment, an impulse wave (C) is formed, consisting of minor sub-waves 1-2-3-4-5.
The minor correction wave 4 recently ended. Therefore, prices could continue to move down in the impulse wave 5.
The currency pair will likely decline to the previous low of 0.617, marked by impulse 3.
An alternative scenario shows that the correction wave 4 has not yet ended. This wave could take the form of a longer one than in the main version.
Only two parts of the correction wave 4, that is have ended. The sub-wave ⓨ is still being built and is close to completion.
In the near future, the market could rise to 0.681. At that level, corrective wave 4 will be at 76.4% of previous bearish impulse 3. Then, after the full completion of wave 4, we can expect a decline in the minor wave 5.
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