The pair is in the correction.

Assumingly, the formation of the third wave of the senior level 3 has finished. Locally, as it seems, a correction as the fourth wave 4, within which the pair is expected to grow to 0.7460, has started developing. The critical for this scenario is the level of 0.7230, the breakdown of which would lead to the further fall towards 0.7100-0.7000.

Trading tips

Short term: buy the pair from corrections, above 0.7230, with the target at 0.7460.

Alternative Scenario

The breakdown and consolidation below 0.7230 would allow the pair to fall further to 0.7100-0.7000.

AUD/USD: wave analysis

AUD/USD: wave analysis

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