A correctional growth is expected.

Assumingly, a development of the third wave of the senior level 3 is finished, within which a formation of the fifth wave v of 3 has completed. If the assumption is correct and the price does not break down a critical level of 0.7320, expect the pair to grow within a correction in a form of the fourth wave towards 0.7500. In case of the breakdown of the level of 0.7320, the wave structure of the third wave would continue getting longer.

Trading tips

In the short-term, buy the pair above the level of 0.7320 with the target at 0.7500.

In the medium-term, wait for the correction to end and sell the pair with the target at 0.7000.

Alternative scenario

The breakdown and consolidation below 0.7320 would allow the pair to fall to 0.7000.

AUD/USD: wave analysis

AUD/USD: wave analysis

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