The AUD/USD is approaching a key support trend line (blue) which is a new bounce or break spot.
The AUD/USD bearish breakout could confirm a wave 5 (purple) towards the Fibonacci targets whereas a bullish bounce could indicate an expanded wave 4 or a bull reversal.
The AUD/USD remains in a neat downtrend channel. A continuation lower is likely as long as price stays in the channel.
The downtrend however is not being confirmed (so far) by the wave patterns on the daily chart. Price action remains choppy and corrective and is indicating a larger correction rather than an impulsive bearish momentum swing. The AUD/USD remains a difficult read and a pair that I am avoiding for the time being. A bullish breakout above the channel could indicate a larger bullish correction whereas a bearish breakout could indicate a trend continuation.