The AUD/USD pair is correcting at 0.6427 amid the stabilization of the USD.

The AUD/USD pair is declining, leveling out the results of the uncertain growth that has been observed in recent days. The instrument is testing the level of 0.6400 for a breakdown, waiting for new drivers to appear.

Growth is possible.

On the daily chart, a downward correction of the higher level ended as the second wave (2), and the development of the upward third wave (3) started, within which the first wave of the lower level 1 of (3) forms. Now, the wave i of 1 has ended, a local correction has formed as the wave ii of 1, and the wave iii of 1 is developing. If the assumption is correct, the AUD/USD pair will grow to the area of 0.6895–0.7164. In this scenario, critical stop loss level is 0.6354.

On the four-hour chart, at the level of 0.6381, the formation of a Morning Star candlestick pattern is observed, after which the quotes of the AUD/USD pair recovered to the area of 0.6441, as well as the Hammer pattern, which successfully tested the key level for the "bulls" at 0.6381. At the moment, another Morning Star figure has formed, as well as an Inverted Hammer, which served as confirmation of the price reversal upward. If quotes overcome the resistance level of 0.6532, long positions with targets in the range of 0.6637–0.6757 will be relevant. An alternative scenario is possible if the "bears" manage to consolidate below 0.6381, then the negative dynamics may intensify to the area of 0.6276–0.6186.

After the Reserve Bank of Australia (RBA) kept interest rates at 4.10%, the AUD/USD pair fell to 0.6380 but recovered to 0.6464 this week after the publication of strong labor market statistics.