The possibility of a fall remains.

Assumingly, a development of the third wave of the senior level 3 continues, within which the local correction in a form of the fourth wave iv of 3 is finished and the fifth wave v of 3 is forming. If the assumption is correct and the price does not break out the critical level of 0.7485, the pair continues falling towards 0.7287.

Trading tips

Open short positions below 0.7485 with the target at 0.7287.

Alternative scenario

The breakout and consolidation above 0.7485 would allow the pair to grow to 0.7740, 0.7840.

AUD/USD: wave analysis

AUD/USD: wave analysis

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