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    AUD/USD: wave analysis on 05.05.2015

    The formation of the “bearish” correction as the wave 2 continues. At the moment, it seems that the wave a of 2 has been formed as the impetus and locally the correction b of 2 is being formed. According to the developing wave structure of the wave 2, we can assume that correction will take a shape of the zigzag and will reach the level of 62% - 0.7737.  If this assumption is correct, after the completion of the correction 2, the pair will continue to rise to the estimated level of   0.8400. Critical level for this scenario is 0.7530. Breakdown of this level will trigger the decline in the pair to 0.7400 – 0.7300.

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