The price is in correction and could grow.

On the daily chart, the formation of the third wave of the higher degree (3) and the first wave of the lower degree 1 of (3) has started. At present, the fifth wave v of 1 is developing, within which the third wave (iii) of v has ended, and the correction as the fourth wave (iv) of v is ending. If the assumption is correct, after the correction, the AUD/USD pair will grow to the range of 0.7350–0.7500. The critical stop loss level for this scenario is 0.7042.

Against the positive dynamics of the American dollar, the AUD/USD pair is moving in a downward trend, trading at 0.7121, despite strong macroeconomic statistics from Australia.