The pair is under correction.

Supposedly, the first wave 1 is completed, with a wedge having formed within, as supposed. Apparently, a bearish correction in a form of wave 2 is developing now. A zigzag is expected to form within it. If the presumption is correct, after the local correction 2 is completed, the pair will continue to grow to a level at 0.8400. The level of 0.7530 is critical in this scenario as the breakout will result in a further decline of the pair to the levels 0.7400-0.7300.

Trading tips

Sell the pair from corrections below a level of 0.8076 with the targets at 0.7800-0.7740. Once the correction is completed, buy the pair above 0.7740 with a target of 0.8400.

Alternative scenario

Breakout and consolidation below the level of 0.7707 will allow the pair to continue declining to the level of 0.7530.

AUD/USD: wave analysis

AUD/USD: wave analysis

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