AUDUSD made a very nice and strong turn from 0.7018 level which we labeled as wave A), the first wave of a bigger three-wave reversal.
We can see that wave A) fully unfolded a five-wave recovery, which means the current drop from 0.730 level was expected.
This drop can now be labeled as the start of corrective wave B), which can unfold a three-wave pullback and can later look for support around the Fibonacci ratio of 50.0/61.8.
AUDUSD, 4h
(Click on image to enlarge)
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