The price is in a correction and may grow.

On the daily chart, the upward third wave of the higher level (3) forms, within which a downward correction formed as the second wave 2 of (3), and the wave 3 of (3) develops. Now, the first wave of the lower level i of 3 has formed, and a local correction is ending as the second wave ii of 3, within which the wave (c) of ii is developing. If the assumption is correct, after the end of the correction, the AUD/USD pair will grow to the area of 0.6730–0.6870. In this scenario, critical stop loss level is 0.6411.

Main scenario

Long positions will become relevant above the level of 0.6411 with the targets at 0.6730–0.6870. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price below the level of 0.6411 will let the asset go down to the area of 0.6336–0.6266.