Correction continues.

Assumingly, a Bearish correction in the fourth wave of anticipated wedge in wave 1 continues developing. Locally, a finishing impulse within wave (c) of iv seems to be forming and if the assumption is correct, the pair starts growing after it ends. A critical for this scenario is the level of 0.6938.

Trading tips

Wait for wave (c) of iv to end and buy the pair above the level of 0.6938 with targets at 0.7400, 0.7450.

Alternative scenario

The breakdown and consolidation below the level of 0.6938 would allow the pair to fall to 0.6800, 0.6700.

AUD/USD: wave analysis

AUD/USD: wave analysis

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