AUDUSD looks to be turning bullish, because of a five-wave recovery from 0.551 level, which suggests the direction of the trend. However, after a five-wave recovery fully develops, a temporary pullback, in A)-B)-C), three waves may show up.
On the chart we already see price dropping, so ideally leg A) of a three-wave correction is underway. Possible support, and a new bullish continuation can be at 0.625 first possible support, or deeper at the 0.587 level, where Fib. ratio of 61.8 can slow the decline down.
AUDUSD, daily
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