An upward trend is strong.

Assumingly, there is the formation of the fifth wave within an expected starting diagonal triangle of the senior level. Locally, the third wave (iii) seems to be developing. If the assumption is correct, the pair continues growing to 0.7400. A critical for this scenario is the level of 0.7067.

Trading tips

Buy the pair from corrections, above the level of 0.7067 with the target at 0.7400-0.7450.

Alternative scenario

The breakdown and consolidation below the level of 0.7067 would allow the pair to continue declining to 0.6900-0.6800.

AUD/USD: wave analysis

AUD/USD: wave analysis

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