The pair is under correction.

The bearish correction continues to develop in a form of wave 2. Apparently, the wave b of 2 has finished forming and the third wave c of 2 has started developing. If the presumption is correct, the pair may fall to a level of 0.7735. The level of 0.7967 is critical in this scenario as the breakout will result in a further growth of the pair.

Trading tips

In the short term: sell the pair from corrections below the level of 0.7967 with a target at 0.7740. In the medium term: wait for the correction to complete.

Alternative scenario

Breakout and consolidation above the level of 0.7967 will allow the pair to continue the rise up to the levels of 0.8100–0.8200.

AUD/USD: wave analysis

AUD/USD: wave analysis

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