The pair is in a correction.

The first wave of the senior level 1 in the shape of a widening diagonal triangle seems to have finished forming. Locally, assumingly, a Bearish correction as wave 2 has started developing within which a zigzag abc is expected to form towards the level of 0.7100. If the assumption is correct, the pair continues declining after a local upward correction ends. A critical for this scenario is the level of 0.7387 the breakout of which would allow the pair to continue growing.

Trading tips

Buy the pair above the level of 0.7186 with the target at 0.7280.

Alternative scenario

If the level of 0.7186 is broken down, sell the pair with the target at 0.7100.

AUD/USD: wave analysis

AUD/USD: wave analysis

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