AUDUSD is trading bullish since start of May, which gives us an idea that the bigger complex correction within blue wave B is completed. As such we may say that blue wave C of IV is now in motion, as viewed on the daily chart and it may reach levels near the former swing low at 0.8161 level, before make a new turning point lower.
AUDUSD, Daily
Below we have a 4h chart of AUDUSD, which shows us a nice bigger impulse in motion as part of blue wave C. We can see that waves 1) and 2) are already completed and the largest and steepest wave 3) is also showing some signs of a completion near the 0.8054 region. Well, if that is the case, then a new temporary correction into the following red wave 4) may follow in days ahead and later search for some support around the former black wave 4 and near the Fibonacci ratio of 38.2, where price can again bounce into final wave 5).
AUDUSD, 4H
