The AUD/USD currency pair is turning down from 0.7834 high for the last two weeks where wave C-circled might completed a big corrective wave IV, which looks like a flat. On the lower time frames, AUD/USD has made five waves down from 0.7836 which is the most important and strong evidence of a bearish trend.
The dollar slid to its lowest against major currencies in well over a year on Tuesday, a move led by further gains in the yen that threw an uncomfortable spotlight on central banks' attempts to boost growth through aggressive policy easing. Australia's central bank joined the growing line of those adding stimulus, surprising many investors by cutting interest rates to a record low of 1.75%. That hit the currency but lifting the country's shares.