The AUD/USD has been slow, choppy and sideways for the last few trading days. This is a very important indication of a corrective contra-trend price action. With that in mind, we think that pair is trapped in a wave 4 that is part of a larger five wave decline in red wave 3). As such, we suspect that the pair will fall beneath 0.9528, probably this week as we are observing the final stages of a triangle.

Forex Analysis by Gregor Horvat at ForexPros. com