An upward trend is strong.

Assumingly, the fifth wave of an expected starting diagonal triangle of the senior level continues forming. Locally, the third wave (iii) seems to be developing and the third wave of the junior level iii of (iii) is forming within it. If the assumption is correct and the price does not break down the critical level of 0.7157, a growth to 0.7400 is to be expected.

Trading tips

Buy the pair from corrections, above the level of 0.7157 with the target at 0.7400-0.7450.

Alternative scenario

The breakdown and consolidation below the level of 0.7157 would allow the pair to continue declining to 0.7000-0.6900.

AUD/USD: wave analysis

AUD/USD: wave analysis

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