During the Asian session, the AUD/USD pair is trading around 0.7060, with market participants focusing on the outcome of the monetary policy meeting of the Reserve Bank of Australia (RBA).

During the morning session, the AUD/USD pair is correcting after yesterday’s “bullish” momentum, testing 0.7050 for a breakdown. The results of the Reserve Bank of Australia (RBA) monetary policy meeting remain at the center of investors’ attention.

The price is in correction, the probability of decline 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 timeframe, the formation of wave iii of 1 has been completed, and a local corrective structure is now developing as wave iv of 1, within which waves (a) of iv and (b) of iv have already been formed, while wave (c) of iv is currently in progress. If this scenario proves correct, the AUD/USD pair’s upward trend is expected to continue toward the 0.6958–0.6856 zone with a critical stop loss at 0.7187.