AUD/USD has turned down from 0.7834 high in May after wave C-circled completed a big corrective wave IV flat pattern. A flat has a 3-3-5 sub-wave structure, so it was a contra-trend movement that should send price back to the lows. A few months back pair made a very good and strong bearish turn to 0.7130 with clear impulsive personality, thus we believe that big black wave V is underway. That been said,  we are looking lower as long as 0.7834 holds, so current bounce is most-likely only a corrective wave two that can be near completion or already completed as of recent lower price data.

AUD/USD, Daily