The downward trend is strong.

Assumingly, a local correction as the fourth wave has finished forming. Currently, as it seems, the fifth wave of the senior level 5 has started developing, within which a starting impetus and a correction to it have formed. If the assumption is correct and the price does not break through the critical level of 0.7438, the pair will continue falling to 0.7100-0.7000.

Trading tips

Sell a couple from corrections, below 0.7438, with the target at 0.7100-0.7000.

Alternative scenario

The breakdown and consolidation above 0.7438 will allow the pair to continue growing to 0.7535-0.7600.

AUD/USD: wave analysis

AUD/USD: wave analysis

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