The Australian dollar is falling in the AUD/USD pair during the Asian session, losing the positions gained by the "bulls" the day before. The instrument is testing 0.6470 for a breakdown, while investors are monitoring the escalation of the geopolitical situation in the Middle East.

The AUD/USD pair is correcting at 0.6500: the Australian dollar holds strong positions amid the recovery of the national economy.

The price is in a correction, a fall is possible.

On the daily chart, the downward wave of the highest level (C) develops, within which the correctional wave 2 of (C) formed and the third wave 3 of (C) develops. Now, the first entry wave of the lowest level i of 3 has formed, and the correctional second wave ii of 3 and the wave (c) of ii are ending. If the assumption is correct, the AUD/USD pair will fall within the wave iii of 3 to the area of 0.5670–0.5500. In this scenario, the critical stop loss level is 0.6620.

The AUD/USD pair starts the trading week with a 0.39% increase, despite the publication of negative statistics last week and a holiday in Australia, and is currently holding around 0.6529.

The AUD/USD pair is trading within a long-term uptrend: the Australian dollar came under pressure yesterday following weak May data from China and the Reserve Bank of Australia (RBA) meeting minutes.