Waves are sometimes better seen in a candle stick chart. Although AUDUSD has yet to exceed its April high, momentum divergence is present as AUDUSD did make a new closing high. I give more weight to divergence when RSI is below 70 (below 60 is even better), which is the case now. .9362 is estimated support in AUDUSD. Failure to hold that level would put the near term constructive view in doubt.
*RSI isn’t on this chart but the commentary remains valid.