AUDUSD rose sharply from 0.76 to 0.7818 yesterday. If we take a look at this rally on a 5-minute chart, we will see that it has a perfect five-wave impulsive structure. According to the Elliott Wave Principle, today’s decline is part of a natural three-wave retracement, which follows every impulse. Once the correction is over, AUDUSD could be expected to resume its short-term recovery.