AUD/USD: wave analysis
The trend is upward.
On the 4-hour chart the upward correction of the higher level is developing as a wave (4). Locally the upward momentum within the fifth wave of the lower level v of C of (4), within which the wave (iii) of v is developing, is forming. If the assumption is correct, the pair will grow to the levels of 0.8124–0.8170. The level of 0.7950 is critical for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 0.7950 with the targets at 0.8124–0.8170.
Alternative scenario
The breakdown and the consolidation of the price below the level of 0.7950 will let the pair go down to the levels of 0.7805–0.7730.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.8015
Take Profit 0.8124, 0.8170
Stop Loss 0.7955
Key Levels 0.7730, 0.7805, 0.7950, 0.8124, 0.8170
Alternative scenario
Recommendation SELL STOP
Entry Point 0.7940
Take Profit 0.7805, 0.7730
Stop Loss 0.8000
Key Levels 0.7730, 0.7805, 0.7950, 0.8124, 0.8170
On the 4-hour chart the upward correction of the higher level is developing as a wave (4). Locally the upward momentum within the fifth wave of the lower level v of C of (4), within which the wave (iii) of v is developing, is forming. If the assumption is correct, the pair will grow to the levels of 0.8124–0.8170. The level of 0.7950 is critical for this scenario.
Main scenario
Long positions will become relevant during the correction, above the level of 0.7950 with the targets at 0.8124–0.8170.
Alternative scenario
The breakdown and the consolidation of the price below the level of 0.7950 will let the pair go down to the levels of 0.7805–0.7730.
Trade
Scenario
Timeframe Weekly
Recommendation BUY
Entry Point 0.8015
Take Profit 0.8124, 0.8170
Stop Loss 0.7955
Key Levels 0.7730, 0.7805, 0.7950, 0.8124, 0.8170
Alternative scenario
Recommendation SELL STOP
Entry Point 0.7940
Take Profit 0.7805, 0.7730
Stop Loss 0.8000
Key Levels 0.7730, 0.7805, 0.7950, 0.8124, 0.8170
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