A downward trend is strong.

A development of the third wave of the senior level 3 continues, within which a bear impetus in a form of the third wave iii of 3 is over and a local correction iv of 3 is probably over too. If the assumption is correct and the price does not break out the critical level of 0.7497, the pair continues falling towards 0.7287 within the fifth wave.

Trading tips

Open short positions below 0.7497 with the target at 0.7287.

Alternative scenario

The breakout and consolidation above 0.7497 would allow the pair to grow towards 0.7740-0.7840. 

AUD/USD: wave analysis

AUD/USD: wave analysis

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