AUD/USD Wave analysis and forecast of 27.02 – 06.03: Pair is under correction with probability of growth.

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Estimated pivot point is at the level of 0.7645.
Our opinion: Buy the pair from correction above a level of 0.7645 with a target at 0.8060 – 0.8160. In case of breakdown and consolidation below the level of 0.7645, the selling target can be set at 0.75 – 0.7450.

Alternative scenario: Breakdown and consolidation below the level of 0.7645 will allow the pair to continue declining to the levels 0.75 – 0.7450.

Analysis: Presumably, the third wave continues to develop. Within it formed the first wedge-shaped wave of junior level (i) of iii. Correction within wave (ii) has started locally. If this assumption is correct and the price does not break the critical level of 0.7645, the pair will continue to rise to the levels 0.8060-0.8160 after correction.

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