AUD/USD INTRADAY CHART
May 10th:
The past week has given us clues to the downside, although we haven't yet found the (brown) Wave c / iii. However, while the 0.7450 area (approx.) caps, the downside can extend to the 223.6% projection at 0.7266. This must be accurate to a point or two.
With the Wave ii being 46% it will suggest that the Wave iv should reach around the 41.4% retracement at 0.7417 but could be as high as the 50% at 0.7448. Thus, the Wave v doesn't really have a definite target but - as an estimate - I'd reckon the 0.7404 - 45 area is most likely.
This will form (purple) Wave -a- and will suggest a correction higher in Wave -b-. The depth is not that clear, but watch around the resistance shown...