AUD/USD: WAVE ANALYSIS
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL |
| Entry Point | 0.6627 |
| Take Profit | 0.6537, 0.6497 |
| Stop Loss | 0.6712 |
| Key Levels | 0.6497, 0.6537, 0.6712, 0.6792, 0.6870 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 0.6715 |
| Take Profit | 0.6792, 0.6870 |
| Stop Loss | 0.6655 |
| Key Levels | 0.6497, 0.6537, 0.6712, 0.6792, 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 the wave 3 of (3) develops. Now, a downward correction has formed as the second wave of the lower level ii of 3, and the third wave iii of 3 has started, within which the wave (i) of iii has ended, and the local correction (ii) of iii is developing. If the assumption is correct, the AUD/USD pair will fall to the area of 0.6537–0.6497. In this scenario, critical stop loss level is 0.6712.
Main scenario
Short positions will become relevant below the level of 0.6712 with the targets at 0.6537–0.6497. Implementation period: 7 days and more.
Alternative scenario
A breakout and the consolidation of the price above the level of 0.6712 will let the asset grow to the area of 0.6792–0.6870.
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