Aussie is currently making a sharp reversal down from around the 0.7748 level where a possible top of wave E might have been found. This sharp decline is a confirmation that the previous five wave rises within wave C) is completed and that a minimum three wave reversal may now be in the cards. That said, a third leg down seems to be already underway after recently unfolded flat correction up to 0.7678 region. With that in mind, price may drop to 0.7530 this week as a minimum objective, but there is still a possibility for 0.7440 to follow. That said, previous swing low of wave B) at the 0.7489 level could provide temporary support for a bounce into the following wave four.
AUD/USD, 4H
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