Despite weak employment data from Australia reported two sessions back, the AUD/USD was able to turn bullish from the 1.0493 level following an initial 878-pip fall from its open. On the chart below you can see that the pair bounced from the daily trend line connected from December 27's low -- which holds very well for now, meaning the trend is still up for the pair.
AUD/USD: Daily" title="aud1" width="500" height="520">
From an Elliott Wave perspective we can see that decline from the 1.0598 level is actually in three waves. These are corrective legs, which mean that the whole pull-back is part of an ongoing uptrend. That said, retracement since January 10 could be fully retraced. Patient traders will wait on confirmation of bullish moves, which comes in at the 1.0573 breakout
AUD/USD_H4" title="aud2" width="500" height="520">