AUD/USD: WAVE ANALYSIS
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY |
| Entry Point | 0.6319 |
| Take Profit | 0.6895, 0.7164 |
| Stop Loss | 0.6176 |
| Key Levels | 0.5800, 0.6000, 0.6176, 0.6895, 0.7164 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 0.6170 |
| Take Profit | 0.6000, 0.5800 |
| Stop Loss | 0.6230 |
| Key Levels | 0.5800, 0.6000, 0.6176, 0.6895, 0.7164 |
The price is in a correction and may grow.
On the daily chart, a downward correction of the higher level formed as the second wave (2), and the development of the upward third wave (3) started, within which the first wave of the lower level 1 of (3) develops. Now, the wave i of 1 has formed, and a local correction is ending to develop as the wave ii of 1, within which the wave (c) of ii is ending. If the assumption is correct, the AUD/USD pair will grow to the area of 0.6895–0.7164. In this scenario, critical stop loss level is 0.6176.
Main scenario
Long positions will become relevant above the level of 0.6176 with the targets at 0.6895–0.7164. Implementation period: 7 days and more.
Alternative scenario
A breakout and the consolidation of the price below the level of 0.6176 will let the asset go down to the area of 0.6000–0.5800.
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