The current structure of the AUDUSD pair suggests the formation of a zigzag a-b-c, which currently includes a bearish correction b. Wave b consists of primary sub-waves Ⓦ-Ⓧ-Ⓨ-Ⓧ-Ⓩ.
The last section of the chart shows the structure of the last primary wave Ⓩ. It seems to be an intermediate triple zigzag (W)-(X)-(Y)-(X)-(Z). To complete this pattern, the final actionary wave (Z) is needed. It seems that the wave (Z) will take the form of a minor double zigzag W-X-Y and may end near 0.645.
At that level, cycle correction b will be at 61.8% along the Fibonacci lines of cycle impulse wave a.
Now let’s consider an alternative scenario.
According to this view, the bearish wave Ⓩ of the primary degree, which is part of the cycle correction b, can be fully completed.
The primary wave Ⓩ is a completed triple zigzag (W)-(X)-(Y)-(X)-(Z) of the intermediate degree. Perhaps the market has already turned around and started building the initial part of a new cycle wave c, which can take the form of an impulse, or an ending diagonal.
It is assumed that in the next coming trading weeks, the currency pair may move in an upward direction above the maximum of 0.728, marked by an intermediate reactionary wave (X).
