AUD/USD: WAVE ANALYSIS
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL |
| Entry Point | 0.6703 |
| Take Profit | 0.6568, 0.6496 |
| Stop Loss | 0.6765 |
| Key Levels | 0.6496, 0.6568, 0.6870, 0.7164, 0.7307 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 0.6875 |
| Take Profit | 0.7164, 0.7307 |
| Stop Loss | 0.6780 |
| Key Levels | 0.6496, 0.6568, 0.6870, 0.7164, 0.7307 |
The price is in a correction and a fall is possible.
On the daily chart, the upward third wave of the higher level (3) forms, within which a downward correction ended as the second wave 2 of (3), and the wave 3 of (3) started. Now, the first wave of the lower level i of 3 has formed, and a local correction is developing as the second wave ii of 3, within which the wave (a) of ii is forming. If the assumption is correct, the AUD/USD pair will fall to the area of 0.6568–0.6496. In this scenario, critical stop loss level is 0.6870.
Main scenario
Short positions will become relevant below the level of 0.6870 with the targets at 0.6568–0.6496. Implementation period: 7 days and more.
Alternative scenario
A breakout and the consolidation of the price above the level of 0.6870 will let the asset grow to the area of 0.7164–0.7307.
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