The pair is expected to rise due to correction

The Australian dollar has reversed for a correction. A bearish impetus is still likely to develop within a daily timeframe. Supposedly, the third wave (3) has formed by now and a local correction in a form of fourth wave (4) has started developing, with the first wave (a) developing within.  If this assumption is correct and the price does not break the critical level 0.7610, the pair will logically continue to rise to the level of 0.7980.

Trading tips

Buy the pair from corrections above a level of 0.7610 with a target at 0.7980.

Alternative scenario:

Breakdown and consolidation below the level of 0.7610 will allow the pair to continue declining to the levels 0.7450-0.7400. 

AUD/USD: Wave analysis

AUD/USD: Wave analysis

AUD/USD: Wave analysis




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