AUDUSD is reversing sharply lower into the end of the week, driven by broad US dollar strength. The recovery from 0.6947 unfolded in three waves, suggesting it was a corrective wave B and a temporary breakout before the sharp decline. This supports the idea that the current structure is still a complex wave four correction. If it develops into a triangle or flat, focus shifts to support near 0.6947, followed by the 0.6900 area, which also aligns with a prior wave four of a lesser degree. This zone could stabilize price action, especially if the Reserve Bank of Australia remains relatively hawkish, helping maintain the broader uptrend after the correction completes.
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