A correction is nearing the end. A decline is still possible.

Assumingly, the fifth wave of the senior level continues forming within which a diagonal seems to be forming. Locally, an upward correction as the fourth wave is nearing the end, having reached the level of 0.7100. If the assumption is correct, after the breakdown and consolidation below the level of 0.7055, the pair continues falling to 0.6755. A critical for this scenario is the level of 0.7329.

Trading tips

Sell the pair after the breakdown of the level of 0.7055 with the target at 0.6755.

Alternative scenario

The breakout and consolidation above the level of 0.7329 would allow the pair to continue growing to 0.7500.

AUD/USD: wave analysis

AUD/USD: wave analysis

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