The Aussie/U.S. dollar (AUD/USD) currency pair broke out of a triangle last week, shown on a daily chart, so the current leg up on the 4-hour chart can be a new five wave rise in progress. We are talking about impulsive Wave C that should be made by five waves before the top can be seen. Well, based on the sharp rise last week from 0.7570 we think that's still Red Wave 3 in progress that can lift price up to 0.7950 this week or even higher. Specifically, we see price trading at the end of a minor Wave 3, which means a temporary correction into Wave 4 may follow.

AUD/USD, 4-hour

AUD/USD, daily

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