AUD/USD: wave analysis
10 July 2019, 09:17
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY |
| Entry Point | 0.6921 |
| Take Profit | 0.7205, 0.7293 |
| Stop Loss | 0.6828 |
| Key Levels | 0.6700, 0.6828, 0.7205, 0.7293 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 0.6820 |
| Take Profit | 0.6700 |
| Stop Loss | 0.6880 |
| Key Levels | 0.6700, 0.6828, 0.7205, 0.7293 |
The pair is in a correction and may grow.
On the 4-hour chart, the correction of the higher level develops as the second wave 2 of (5), within which the formation of the wave c of 2 began. Now, the first entry wave of the lower level (i) of c has formed, and the downward correction (ii) of c is ending. If the assumption is correct, after the end of the correction, the pair will grow to the levels of 0.7205–0.7293. In this scenario, critical stop loss level is 0.6828.
Main scenario
Long positions will become relevant after the end of the correction, above the level of 0.6828 with the targets at 0.7205–0.7293. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 0.6828 will let the pair go down to the level of 0.6700.
On the 4-hour chart, the correction of the higher level develops as the second wave 2 of (5), within which the formation of the wave c of 2 began. Now, the first entry wave of the lower level (i) of c has formed, and the downward correction (ii) of c is ending. If the assumption is correct, after the end of the correction, the pair will grow to the levels of 0.7205–0.7293. In this scenario, critical stop loss level is 0.6828.
Main scenario
Long positions will become relevant after the end of the correction, above the level of 0.6828 with the targets at 0.7205–0.7293. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 0.6828 will let the pair go down to the level of 0.6700.
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