The pair continues to grow.

The Australian Dollar has continued to appreciate against its American rival. The price has updated the maximum of the first wave 1, which tells us that the third wave 3 is developing locally. According to the wave growth structure, the third wave of junior level iii of 3 is developing at the moment. If the presumption is correct, the pair will logically continue to rise to a level of 0.8400. The level of 0.7958 is critical in this scenario as the breakout will result in a further decline of the pair.

Trading tips

Buy the pair from corrections above a level of 0.7958 with a target at 0.8400.

Alternative scenario

Breakout and consolidation below the level of 0.7958 will allow the pair to continue declining to a level of 0.7500.

AUD/USD: wave analysis

AUD/USD: wave analysis

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