The price is in correction and could decline.

On the daily chart, the third upward wave of the higher level (3) is developing, as part of which the first wave of the lower level 1 of (3) has completed and a downward correction is forming as the second wave 2 of (3). Now, the formation of the third wave c of 2 and the third wave (iii) of c continues. If the assumption is correct, the AUD/USD pair will decline towards the 0.6595–0.6437 area. The critical stop loss level for this scenario is 0.7072.

The AUD/USD pair is trading around 0.6922 dollars amid the neutral dynamics of the American dollar, which remains the most sought-after asset among safe-haven currencies.

On the chart of the AUD/USD pair, a symmetrical Triangle pattern is forming, and the price could break out in either direction; since the beginning of last month, the price has been testing its lower border.