The probability of growth remains.

On the daily timeframe, the development of the third ascending wave of the higher-degree (3) has commenced, encompassing the first wave of the junior level 1 of (3). On the four-hour time frame, the correction has been completed as wave iv of 1, and wave v of 1 is now developing, including the formation of wave (i) of v. If this scenario proves correct, the AUD/USD pair’s upward trend is expected to continue toward the 0.7280–0.7500 zone with a critical stop loss at 0.6954.

During the morning session, the AUD/USD pair is developing yesterday’s “bullish” momentum, which allowed the instrument to quickly recover positions lost at the end of last week: the price is trying to consolidate above the psychological level of 0.7000, while market participants analyze the intensification of geopolitical tensions in the Persian Gulf region.

During the morning session, the AUD/USD pair is moving in an upward trend, trading at 0.6998 amid the neutral dynamics of the American dollar: the prices remain stable, as no important macroeconomic statistics are entering the market, and the strengthening of geopolitical tensions in the Persian Gulf region sends oil prices towards recent highs, which is positive for the currencies of countries such as New Zealand and Australia, while analysts at Bank of America Corp. suggest that countries specializing in exports of industrial metals and agricultural products will continue to lead amidst the rising price of oil.

This week, the AUD/USD pair tested the upper line of the Bollinger Bands at 0.7019 (Murrey [3/8]), but has not yet been able to break upwards and has lost some of its gained positions.