AUD/USD made a new top yesterday at 0.8022, and invalidated our previous update on the pair. Recent drop that followed away from the mentioned high can now be a suggestion for a potential locked in top, and can indicate a minimal three-wave bearish reversal to be in progress. Ideally, we will see more weakness take place, once corrective blue waves b or ii fully unfold.

AUD/USD, 1h

(Click on image to enlarge)