The pair is in a correction. A growth is still possible.

Assumingly, a formation of an upward impetus as the third wave iii of 1 within an expected wedge has finished. Locally, a correction as the fourth wave is forming. The fourth wave is expected to take the shape of a triangle. If the assumption is correct, when the correction finishes, the pair will continue growing towards 0.7470-0.7500. A critical for this scenario is the level of 0.6933.

Trading tips

Wait for the correction to finish and buy the pair above the level of 0.7300 with the target at 0.7470-0.7500.

Alternative scenario

The breakdown and consolidation below the level of 0.7200 would allow the pair to decline further to 0.7160-0.7107 within a correction, but already as flat (a)(b)(c).

AUD/USD: wave analysis

AUD/USD: wave analysis

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