AUDUSD rally from June 18, 2019 low ($0.6830) is unfolding as a zigzag Elliott Wave structure where wave ((a)) ended in 5 waves at 0.7035. Down from there, wave ((b)) pullback remains in progress to correct the rally from 6/18/2019 low. The internals of wave ((b)) is unfolding as a Flat structure in a lesser degree cycle where wave (a) ended at $0.6953 low. Up from there, the pair made a marginal new high above $0.7035 high. And ended wave (b) at 0.7048 high in another 3 waves.
Down from $0.7028 high the pair is looking to end wave (c) in lesser degree 5 waves structure. Looking to extend lower approximately towards 123.6%-161.8% Fibonacci extension area of (a)-(b) at $0.6949-$0.6919 area. Then as far as the pivot from 6/18/2019 low ($0.6830) stays intact the pair can resume the next leg higher in wave ((c)). We don’t like selling the pair. And while below $0.7028 high expect pair to see a few more lows towards $0.6949-$0.6919 area before resuming higher again.
Update: AUDUSD 1 Hour New York Chart
