The Australian dollar posted modest gains in the AUD/USD pair during the Asian session on July 24, holding near the weekly opening level and surrendering almost all of its "bullish" momentum as investors remained focused on developments in the domestic labour market.

The AUD/USD pair is trading at 0.7018, holding positions despite the strengthening of the American dollar amid increased geopolitical tensions in the Persian Gulf region.

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.

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.