This reversal is bullish now and should unfold in three waves, so be aware of more upside after pullback.

AUD/USD Elliott Wave Analysis Video 01-10-21

On daily chart, AUDUSD has been very bullish since March 2021, but then it turned down for a deep pullback with some sharp leg down so retracement is deeper and longer in time, but still a three wave move from the high which looks like a perfect A-B-C retracement with wave C of B) bounce now away from some strong support. However, we still need rally back to 0.7520 to confirm a bullish continuation.

Looking into 4h chart, AUDUSD is coming even lower, now testing the 78.6% Fibonacci level which is a final Fibonacci level for a potential bounce. There is still chance for a bullish price action from here, but pair would have to see then a bullish close for the week, somewhere above 0.7311. Until that resistance holds, there is also still valid a bearish interpretation after completed wave four near 0.7490.

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