The Aussie dollar/U.S. dollar (AUD/USD) currency pair is showing us a potentially completed higher degree three-wave recovery as in an A-B-C manner within IV at the 0.8123 area from where a sharp reversal occurred in impulsive fashion, so it can represent a start of a new bearish cycle. We see Sub-wave 3) of 1 in progress, that can once be unfolded push price into a temporary pullback of Wave 4). Wave 4) can see limited upside near the 0.7653/0.7714 region.
Regarding the 4-h chart, here we see the AUD/USD pair unfolding a minor rally, away from 0.7501 level, where Sub-wave 5 of 3) had completed. The current rise can now be part of an upcoming three-wave rally within corrective Wave 4), that can see limited upside near the 0.7655/0.7714 level.