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The Aussie is bearish since the beginning of the year, with a higher degree A-B-C decline that can come into some important support at the 78.6% Fib level shown on the daily chart. In fact, note that the decline from the summer highs can already be counted in five waves, a bearish trend that can be completed after the recent rise above the upper line of an ending diagonal.
We also see a sharp rise to the 0.6550 area as expected, which can be an impulse, so be aware of further strength after any short-term pullback. There are also some hawkish expectations from the RBA this week, which may lead to further gains for the pair, especially now that stocks are also in risk-on mode.
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