AUDUSD spiked to a new low before price bounced for nearly 140pips and recovered above the latest downward channel. This minor recovery suggests that big complex correction since start of June is still unfolding. The reason is a three wave decline from 0.7849 that was probably wave B, as part of a flat correction in wave 2). In that case price could retest 0.7849 before market turns lower.
Elliott Wave Analysis - AUDUSD 4h
audusd elliott wave

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