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AUDUSD has turned down from 0.7834 high in May after wave C-circled completed a big corrective wave IV flat pattern. A flat has a 3-3-5 sub-wave structure, so it was a contra-trend movement that should send the price back to the lows. So far, the market made a very good and strong bearish turn to 0.7130 with a clearly impulsive personality, thus we believe that a big black wave V is underway. That been said,   we are looking lower as long as 0.7834 holds, so the bounce is most-likely only a corrective wave two that can be now already completed, as recent the price turned down quite strongly from 0.765 region.

AUDUSD, Daily

AUDUSD D

On the lower time frames, AUDUSD has made a nice impulsive fall from 0.7646 region, where blue wave 2 might finally completed a complex corrective pullback, known as a double zig-zag. For now, the price bounced up from the lower side of an upward but ideally only for a subwave 2) rally, so we think that the market could continue south this week for a strong decline towards 0.7000 but after 0.7280-0.7300 support area is broken.

AUDUSD, 4H

AUDUSD 4 (1)