Against a weakening American dollar and macroeconomic statistics from Australia, the AUD/USD pair is correcting at 0.6574.

The AUD/USD pair shows moderate growth, developing the upward momentum of the previous day, as a result of which it managed to retreat from the local lows of April 23. The instrument is testing 0.6535 for a breakout, while trading participants evaluate the April Australian foreign trade report.

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.

On the daily chart, the AUD/USD pair resumed growth from the area of 0.6400 (0.0% retracement) and rose to 0.6570 (38.2% retracement), but cannot consolidate above it yet. If successful, the movement will be able to continue with targets 0.6625 (50.0% retracement) and 0.6675 (61.8% retracement). The key level for the "bears" is 0.6505 (23.6% retracement) supported by the center line of Bollinger Bands, the breakdown of which will act as a catalyst for reaching 0.6400.

After an eight-day decline, the AUD/USD pair adjusted to the nearest resistance level of 0.6450, but further growth is likely to be limited.