Here is just a quick look at the big picture of AUD/USD following the recent reversal down. It's good to remind ourselves where the higher degree trend is. What really caught my attention was a three-wave recovery after 2000 dotcom bubble, and 2008 financial crisis, so we can be now still in the middle of that similar recovery that is made by "reversal, pause and continuation".

AUD/USD, Monthly

Even if we take a look at the weekly Elliott Wave structure, we can see a completed five-wave decline exactly at the projected 0.55 psychological bottom. Also, with recent strong and impulsive bounce from the lows, followed by a break above resistance line of the EW channel, we can easily expect a bigger rise and recovery, but maybe after a corrective slowdown here around previous wave IV swing high.

AUDUSD, Weekly