Amid the stable dynamics of the American dollar, the AUD/USD pair is correcting downwards, trading at 0.6554.

Growth is possible.

On the daily chart, the upward third wave of the higher level (3) develops, within which the wave 3 of (3) forms. Now, a correction has ended as the second wave of the lower level ii of 3, and the third wave iii of 3 is developing, within which a correction is ending as the wave (ii) of iii. If the assumption is correct, the AUD/USD pair will grow to the area of 0.7000–0.7162. In this scenario, critical stop loss level is 0.6370.

The AUD/USD pair has been correcting downwards for the second week after a four-month growth: currently, the price has broken below 0.6637 (38.2% Fibonacci retracement) and may continue to decline towards the targets of 0.6573 (50.0% Fibonacci retracement), 0.6510 (61.8% Fibonacci retracement) and 0.6469 (Murrey level [2/8]).