AUD/USD: wave analysis
13 December 2018, 10:27
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY |
| Entry Point | 0.7241 |
| Take Profit | 0.7305 |
| Stop Loss | 0.7180 |
| Key Levels | 0.7022, 0.7176, 0.7305 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 0.7170 |
| Take Profit | 0.7022 |
| Stop Loss | 0.7230 |
| Key Levels | 0.7022, 0.7176, 0.7305 |
The pair is likely to grow.
On the H4 chart, the upward correction is developing as a wave 2 of (5). At the moment, it seems that the wave b of 2 is still forming, within which the downward impulse as a wave of the lower level (a) of b has completed and the formation of wave (b) of b has begun. If the assumption is correct, then a corrective growth of the pair may reach the level of 0.7305. The critical level for this scenario is the 0.7176.
Main scenario
Long positions will become relevant above the level of 0.7176 with the target of 0.7305. Implementation period: 3–5 days.
Alternative scenario
Breakdown and consolidation of the price below the level of 0.7176 will allow the pair to decline to 0.7022.
On the H4 chart, the upward correction is developing as a wave 2 of (5). At the moment, it seems that the wave b of 2 is still forming, within which the downward impulse as a wave of the lower level (a) of b has completed and the formation of wave (b) of b has begun. If the assumption is correct, then a corrective growth of the pair may reach the level of 0.7305. The critical level for this scenario is the 0.7176.
Main scenario
Long positions will become relevant above the level of 0.7176 with the target of 0.7305. Implementation period: 3–5 days.
Alternative scenario
Breakdown and consolidation of the price below the level of 0.7176 will allow the pair to decline to 0.7022.
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