Good day traders!

Today we're going to take a look at AUD/USD and its intra-day progression.

On the below chart we see AUD/USD trading within a corrective wave labeled as wave 4). Ideally, wave 4) will unfold as a simple zig-zag pattern, which means legs A and C are impulsive and made out of five legs, while the corrective leg B is made out of three legs. As we see waves A and B are already completed, which means current drop can represent final wave C of 4). Ideally, wave C) will search for support near the former swing low of wave 4 at the 0.7878 level and later reverse higher.

AUD/USD, 1H