An upward trend is strong.

Assumingly, the fifth wave of a supposed starting diagonal triangle of the senior level continues forming. Locally, the third wave (iii) of the junior level seems to be developing within which an impulse is expected. If the assumption is correct, the pair continues growing towards the levels of 0.7400, 0.7500. A critical for this scenario is the level of 0.7280, a breakdown of which would lead to a fall to the levels of 0.7200, 0.7150.

Trading tips

Buy the pair above the level of 0.7280 with targets at 0.7400, 0.7500.

Alternative scenario

The breakdown and consolidation below the level of 0.7280 would allow the pair to fall to 0.7200, 0.7150.

AUD/USD: wave analysis

AUD/USD: wave analysis

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