A correction and growth continuation is expected.

Assumingly, a development of a Bearish correction within the second wave ii have finished. Locally, the third wave seems to be forming, within which an impetus is developing. If the assumption is correct, a small correction within wave (iv) and a growth continuation towards the level of 0.7370 can be expected in the near future. A critical for this scenario is the level of 0.7150.

Trading tips

Buy the pair above the level of 0.7150 with targets at 0.7370, 0.7400.

Alternative scenario

The breakdown and consolidation below the level of 0.7150 would allow the pair to fall to 0.7000, 0.6900.

AUD/USD: wave analysis

AUD/USD: wave analysis

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