AUDUSD broke sharply to the downside two days back; maybe it was wave 3) as part of a new bearish impulse, but we still need another wave down to 0.7500 to confirm a top in place at 0.7836. If we will have five waves down then we will look for a continuation to much lower levels on larger time frames as big retracement since  September of 2015 would then be considered as finished. At the same time we need to keep an eye on 0.7770; push above it will suggest that pair is headed back to the highs.

AUDUSD, 4H