AUDUSD is dropping like a rock at the start of the US session, suggesting that a higher degree wave 4 correction had ended with an ending diagonal in its final wave c. In such case, we now expect to see a drop in three-waves, where a break below the 0.7099 level would confirm even more weakness for the pair. Also a drop out of an ending diagonal can indicate price to reach the starting point of the pattern, which is in our case at the 0.704 region.
AUDUSD, 1h
