The AUD/USD pair is correcting in a downtrend in the area of 0.6483. The Australian currency has maintained its steady momentum, supported by Westpac Banking Corp. data showing that its Consumer Sentiment Index rose 5.7% in August, up from 0.6% a month earlier, from 93.1 points to 98.5 points, the highest since 2022. 

The AUD/USD pair is holding near 0.6500 after the publication of June labor market data in Australia.

Growth is possible.

On the daily chart, a downward correctional second wave of the highest level (2) ended, and the third wave (3) and the wave 1 of (3) form. Now, the first entry wave of the lowest level i of 1 and the correctional second wave ii of 1 have formed, and the third wave iii of 1 has started. If the assumption is correct, the AUD/USD pair will grow to the area of 0.6940–0.7170. In this scenario, the critical stop loss level is 0.6415.

The AUD/USD pair is actively losing ground and is currently trading near the 0.6500 level (Murrey level [5/8]) following the Reserve Bank of Australia (RBA) meeting. Investors responded positively to the anticipated interest rate cut of 25 basis points to 3.60%, the lowest level since April 2023.