The pair is in a correction.

Assumingly, the fifth wave within a long-term Bearish trend has finished forming. Locally, the first wave in the shape of a diagonal seems to have formed, and there is a formation of a correction as the second wave, within which, assumingly, a zigzag is forming. If the assumption is correct, the pair continues growing to 0.7565 after the correction ends. A critical for this scenario is the level of 0.6827.

Trading tips

Buy the pair from corrections, above the level of 0.6827 with the target at 0.7565.

Alternative scenario

The breakdown and consolidation below the level of 0.6827 would allow the pair to continue falling to 0.6755-0.6700.

AUD/USD: wave analysis

AUD/USD: wave analysis

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