AUDUSD made a sharp recovery from the 0.667 area, however once it found a top at the 0.682 region, that is when price got sideways. We labelled a seven-swing correction within wave b)/ii), that found support near the 0.673 area, from where a new bounce occurred. This bounce can be part of a new five-wave move into red wave c)/iii). That said, current sideways price activity from the 0.682 area can also be labelled as a triangle correction, however it does not matter, because more upside is expected either way after a correction.

A break above 0.682 area would confirm more gains.

AUDUSD, 1h

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