AUD/USD: WAVE ANALYSIS
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY |
| Entry Point | 0.6557 |
| Take Profit | 0.6730, 0.6870 |
| Stop Loss | 0.6495 |
| Key Levels | 0.6266, 0.6410, 0.6495, 0.6730, 0.6870 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 0.6490 |
| Take Profit | 0.6410, 0.6266 |
| Stop Loss | 0.6550 |
| Key Levels | 0.6266, 0.6410, 0.6495, 0.6730, 0.6870 |
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 development of the wave 3 of (3) started. Now, the first wave of the lower level i of 3 has ended, and a local correction is ending as the second wave ii of 3, within which the wave (c) of ii is ending. If the assumption is correct, the AUD/USD pair will grow to the area of 0.6730–0.6870. In this scenario, critical stop loss level is 0.6495.
Main scenario
Long positions will become relevant above the level of 0.6495 with the targets at 0.6730–0.6870. Implementation period: 7 days and more.
Alternative scenario
A breakout and the consolidation of the price below the level of 0.6495 will let the asset go down to the area of 0.6410–0.6266.
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