Downtrend continues

The fifth wave of junior level 5 within the third wave of senior level (3) continues to develop. Apparently, a small correction in a form of wave iv of 5 has finished locally and the decline continues within the fifth wave v of 5. If this assumption is correct and the price does not break the critical level 0.7728, the pair will continue to drop to the levels 0.7480-0.7400 within the third wave (3).

Trading tips

Sell the pair from corrections below the level of 0.7728 with the targets at 0.7480-0.7400.

Alternative scenario:

Consolidation above a level of 0.7728 will allow the pair to continue the rise up to the levels 0.8026-0.8200.

AUD/USD: wave analysis

AUD/USD: wave analysis

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