AUD/USD

AUD/USD: wave analysis

The pair may grow.. On the 4-hour chart, the downward momentum developed as a first wave of the higher level 1 of (5). Now the upward correction is developing as a wave 2 of (5), within which the wave a of 2 is developing. If the assumption is correct, the pair will grow to the levels of 0.7450–0.7587. In this scenario, critical stop loss level is 0.7164.

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Main scenario

Long positions will become relevant during the correction, above the level of 0.7164 with the targets at 0.7450–0.7587. Implementation period: 7 days and more.

Alternative scenario

The breakdown and the consolidation of the price below the level of 0.7164 will let the pair go down to the levels of 0.7020–0.6950.

 

Scenario

Timeframe Weekly
Recommendation BUY
Entry Point 0.7250
Take Profit 0.7450, 0.7587
Stop Loss 0.7164
Key Levels 0.6950, 0.7020, 0.7164, 0.7450, 0.7587

 

Alternative scenario

 

Recommendation SELL STOP
Entry Point 0.7160
Take Profit 0.7020, 0.6950
Stop Loss 0.7220
Key Levels 0.6950, 0.7020, 0.7164, 0.7450, 0.7587

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