The price is in a correction and may grow.

On the daily chart, the upward third wave of the higher level (3) develops, within which the wave 3 of (3) forms. Now, a correction has ended as the second wave of the lower level ii of 3, and the third wave iii of 3 has started, within which the wave (i) of iii has ended, and a correction is developing as the wave (ii) of iii. If the assumption is correct, the AUD/USD pair will grow to the area of 0.7000–0.7162. In this scenario, critical stop loss level is 0.6560.

Main scenario

Long positions will become relevant above the level of 0.6560 with the targets at 0.7000–0.7162. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price below the level of 0.6560 will let the asset go down to the area of 0.6335–0.6100.