This week, the AUD/USD pair tested the 0.6370 level, which was eventually held by the “bulls”, and the long-term uptrend continued with the support of strong macroeconomic statistics.

During the Asian session, the AUD/USD pair is correcting at 0.6417: the Australian currency’s positions are supported by strong macroeconomic data.

A fall is possible.

On the weekly chart, the downward wave of the highest level (C) and the third wave 3 of (C) develops. On the daily chart, the first entry wave of the lowest level i of 3 and the correctional second wave ii of 3 have ended, and the wave iii of 3 has started. If the assumption is correct, the AUD/USD pair will fall to the area of 0.5670–0.5500. In this scenario, the critical stop loss level is 0.6517.

The Australian dollar is gaining in value in the AUD/USD pair, leveling out the results of the "bearish" dynamics that prevailed in trading in the previous session. The instrument is testing 0.6410 for a breakout, while investors are assessing the statistics. 

The AUD/USD pair has been actively increasing in value since the beginning of last month and today reached November highs around 0.6515.