The pair is in a correction.

Assumingly, the fifth wave within a long-term Bearish trend has finished forming. At present, a reversal seems to be forming within which the first wave in the shape of a diagonal has formed and a correction as the second wave is developing. Locally, wave (b) of ii seems to be nearing the end, and a fall within wave (c) to 0.6970-0.6920 is expected. A critical for this scenario is the level of 0.7240.

Trading tips

Sell the pair from corrections, below the level of 0.7240 with the target at 0.6970-0.6920.

Alternative scenario

The breakout and consolidation above the level of 0.7240 would allow the pair to continue growing to 0.7560.

AUD/USD: wave analysis

AUD/USD: wave analysis

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