Pair is in correction. A growth possibility remains.

Assumingly, the formation of an upward impulse within the third wave iii of 1 of a supposed wedge has finished. Locally, a correction within the fourth wave seems to be forming. If the assumption is correct, the pair continues growing towards the levels of 0.7470, 0.7500 after correction ends. A critical for this scenario is the level of 0.6933.

Trading tips

Buy the pair above the level of 0.6933 with targets at 0.7470, 0.7500.

Alternative scenario

The breakdown and consolidation below the level of 0.6933 would allow the pair to fall to 0.6800, 0.6700.

AUD/USD: wave analysis

AUD/USD: wave analysis

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