AUD/USD Wave analysis and forecast of 13.03 – 20.03: Bearish long-term trend continues.

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Estimated pivot point is at a level of 0.7858.
Our opinion: Sell the pair from correction below the level of 0.7858 with a target at 0.7480 – 0.74. In case of breakdown and consolidation above a level of 0.7846, buy the pair with a target at 0.8026.

Alternative scenario: Breakdown and consolidation above the level of 0.7858 will allow the pair to continue the rise up to the levels of 0.80 – 0.82.

Analysis: The AUD continues to fall.
The fifth wave of a long-term bearish impetus continues to develop on the daily time-frame. According to the formed wave structure, we can suppose that only the third wave (3) is nearing completion. If this assumption is correct and the price does not break the critical level 0.7858, it’s logical to expect the pair to drop to the levels 0.7480 – 0.74 within the third wave 5 of (3).

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