AUD/USD: WAVE ANALYSIS
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY |
| Entry Point | 0.6380 |
| Take Profit | 0.6895, 0.7164 |
| Stop Loss | 0.6180 |
| Key Levels | 0.5800, 0.6000, 0.6180, 0.6895, 0.7164 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 0.6175 |
| Take Profit | 0.6000, 0.5800 |
| Stop Loss | 0.6235 |
| Key Levels | 0.5800, 0.6000, 0.6180, 0.6895, 0.7164 |
Growth is possible.
On the daily chart, a downward correction of the higher level ended 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) forms. Now, the wave i of 1 has ended, and a local correction has formed as the wave ii of 1. If the assumption is correct, the AUD/USD pair will grow within the wave iii of 1 to the area of 0.6895–0.7164. In this scenario, critical stop loss level is 0.6180.
Main scenario
Long positions will become relevant above the level of 0.6180 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 0.6180 will let the asset go down to the area of 0.6000–0.5800.
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