Growth is possible.

On the daily chart, a downward correction of the higher level ended as the second wave (2), and the third wave (3) develops, within which the entry first wave of the lower level i of 1 of (3) formed, and a downward correction ended as the second wave ii of 1. Now, the third wave iii of 1 is forming, within which the wave (i) of iii has ended, a local correction has formed as the wave (ii) of iii, and the development of the wave (iii) of iii has started. If the assumption is correct, the AUD/USD pair will grow to the area of 0.7164–0.7415. In this scenario, critical stop loss level is 0.6593.

Main scenario

Long positions will become relevant above the level of 0.6593 with the targets at 0.7164–0.7415. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price below the level of 0.6593 will let the asset go down to the area of 0.6454–0.6273.