Growth is possible.

On the daily chart, the upward third wave of the higher level (3) develops, within which a downward correction ended as the second wave 2 of (3), and the wave 3 of (3) develops. Now, a local correction has formed as the second wave of the lower level ii of 3, and the third wave iii of 3 is developing, within which the wave (i) of iii is forming. If the assumption is correct, the AUD/USD pair will grow to the area of 0.6665–0.6870. In this scenario, critical stop loss level is 0.6360.

Main scenario

Long positions will become relevant above the level of 0.6360 with the targets at 0.6665–0.6870. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price below the level of 0.6360 will let the asset go down to the area of 0.6157–0.6000.