Despite weak employment data from Australia reported two sessions back, the AUDUSD was able to turn bullish from 1.0493 level after initial 878 pip fall from daily open. On the chart below you can see that pair bounced from the daily trend-line connected from December 27th low which holds very well for now, meaning that trend is still up for the pair.
From an Elliott Wave perspective we can see that decline from 1.0598 level is actually in three waves. These are corrective legs, which mean that whole pull-back is part of ongoing uptrend. With that said, retracement since January 10th could be fully retrace. Patience traders will wait on confirmation of bullish moves, which comes in at 1.0573 breakout