The price is in a correction and may grow.

On the daily chart, a downward correction of the higher level ended as the second wave (2), and the development of the upward third wave (3) started, within which the entry first wave of the lower level 1 of (3) forms. Now, a local correction is ending as the wave ii of 1, within which the wave (c) of ii is developing. If the assumption is correct, the AUD/USD pair will grow to the area of 0.6895–0.7164. In this scenario, critical stop loss level is 0.6170.

Main scenario

Long positions will become relevant above the level of 0.6170 with the targets at 0.6895–0.7164. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price below the level of 0.6170 will let the asset go down to the area of 0.6000–0.5700.