The AUDUSD pair is forming a bearish triple zigzag Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ in the long term. The primary wave Ⓩ is a simple zigzag (A)-(B)-(C). This zigzag’s intermediate wave (B) took the form of a simple bullish zigzag A-B-C.
An impulse wave (C) is formed at the moment, consisting of minor sub-waves 1-2-3-4-5. Minor wave 3 consists of five sub-waves of the minute degree.
Most likely, the development of the minor corrective wave 4 in the form of a minute double zigzag recently ended. Thus, the market could continue to move down in the impulse wave 5.
The currency is expected to decline to the previous low of 0.617, marked by the impulse 3.
Another scenario shows that the corrective wave 4 has not ended.
Sub-waves ⓦ-ⓧ have ended, whilst the sub-wave ⓨ is still ongoing.
In the near future, prices could move to 0.689. At that level, the entire 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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