The pair is in correction, the probability of fall is maintained.

On the weekly chart, the construction of a descending wave of a higher level (C) continues, in which wave 2 of (C) has completed and the third wave 3 of (C) is developing. On the daily chart, the first wave of the lower level i of 3 is completed, the correction as the second wave ii of 3 is completed and the third wave iii of 3 is formed. If the assumption is correct, the AUD/USD pair will continue its downward trend to the area of 0.5670–0.5500. The level of 0.6945 is critical and stop-loss for this scenario.

The AUD/USD pair is trading within the upward trend, testing the level of 0.6592 (Murrey level [6/8]), supported by expectations of interest rate cuts by the Reserve Bank of Australia (RBA) – a key driver for economic recovery. 

On the four-hour chart, a Bullish Flag graphic model is being built, the exit of the price from which was carried out upwards in the area of 0.6559, and the potential target is located at 0.6713.

The Australian dollar is gaining in value in the AUD/USD pair during the Asian session, recovering from a corrective decline last Friday, when quotes retreated from local November highs. The instrument is testing 0.6550 for a breakout, while investors are assessing macroeconomic statistics from Australia and China.