There is evidence on the AUD/USD of a temporary low in place after five waves down in black wave 3. We know that a correction follows after every five waves, so we think that current sideways price action represents a wave 4 pull-back that should be sub-divided by three legs. As such, we think that the corrective, temporary rally is incomplete and that the pair may test 0.9830/0.9890 resistance area this week before new sell-off occurs.
Traders who want to join the larger trend should wait on completed wave four first and then look for short opportunities.