AUD/USD: wave analysis 17 May 2018, 09:49

AUD/USD: wave analysis

17 May 2018, 09:49

Scenario
Timeframe	Weekly
Recommendation	SELL
Entry Point	0.7527
Take Profit	0.7341, 0.7262
Stop Loss	0.7567
Key Levels	0.7262, 0.7341, 0.7567, 0.7657, 0.7810

Alternative scenario
Recommendation	BUY STOP
Entry Point	0.7570
Take Profit	0.7657, 0.7810
Stop Loss	0.7510
Key Levels	0.7262, 0.7341, 0.7567, 0.7657, 0.7810

The probability of the pair reducing remains.
Within the H4 timeframe, the formation of a downtrend is presumably continuing as the first wave 1 of (5) of the higher level. At the moment, apparently, the third wave of lower level iii of 1 is developing, within the framework of which the local correction (ii) of iii was completed. If the assumption is correct, the decline in the pair will continue within the wave (iii) of iii to the levels of 0.7341–0.7262. The level of 0.7567 is critical and stop-loss for this scenario.


Main scenario
Short positions are relevant below the level of 0.7567 with targets at 0.7341–0.7262. Implementation period: 5–7 days.
Alternative scenario
Breakout and consolidation of the price above the level of 0.7567 will help the pair continue growth to the levels of 0.7657–0.7810.