Correction is nearing completion.

The Australian Dollar continues to drop due to a bearish correction. The final wave c of 2 is developing locally, with an impetus forming within. A level of 62% (0.7740) is the decline key target at which the correction will finish. The level of 0.7928 is critical in this scenario as the breakout will result in a further growth of the pair.

Trading tips

Sell the pair from corrections below a level of 0.7865 with a target at 0.7740.

Alternative scenario

Breakout and consolidation above the level of 0.7928 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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