A correction is nearing the end.

Assumingly, a formation of a “bearish” correction as the fourth wave, which has taken the shape of a flat (a)(b)(c), is nearing the end. Locally, a development of wave (c) of iv seem to be nearing the end, and if the assumption is correct, it is logical to expect a growth in the fifth wave 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 0.7100 with the target at 0.7470-0.7500.

Alternative scenario

The breakdown and consolidation below the level of 0.6933 would allow the pair to decline to 0.6800 and lower within a “bearish” trend of the senior level.

AUD/USD: wave analysis

AUD/USD: wave analysis

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