The price is correcting, and the probability of growth remains.

On the daily chart, the third wave of a higher degree (3) and the first wave of a lower degree 1 of (3) has started. Currently, the fifth wave v of 1 is developing, within which the third wave (iii) of v and a correction as the fourth wave (iv) of v have completed. If the assumption is correct, the AUD/USD pair will rise to the area of 0.7350–0.7500. The critical stop loss level for this scenario is 0.6918.

The AUD/USD pair is declining for the third consecutive week, correcting towards a long-term upward trend, and is currently trading at 0.7000, while the US currency receives support amid increased expectations of monetary policy tightening by the US Fed.

Against the positive dynamics of the American dollar, the AUD/USD pair is moving in a downward trend, trading at 0.7121, despite strong macroeconomic statistics from Australia.