AUD/USD: wave analysis
29 June 2020, 12:02
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY |
| Entry Point | 0.6880 |
| Take Profit | 0.7100, 0.7300 |
| Stop Loss | 0.6730 |
| Key Levels | 0.6402, 0.6562, 0.6730, 0.7100, 0.7300 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 0.6725 |
| Take Profit | 0.6562, 0.6402 |
| Stop Loss | 0.6785 |
| Key Levels | 0.6402, 0.6562, 0.6730, 0.7100, 0.7300 |
The pair is in a correction and may grow.
On the 4-hour chart, the first wave of the higher level (1) of C develops, within which the wave 3 of (1) formed. Now, a local correction is developing as the fourth wave 4 of (1), within the wave c of 4 is forming. If the assumption is correct, after the end of the correction the pair will grow to the levels of 0.7100–0.7300. In this scenario, critical stop loss level is 0.6730.
Main scenario
Long positions will become relevant after the end of the correction, above the level of 0.6730 with the targets at 0.7100–0.7300. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 0.6730 will let the pair go down to the levels of 0.6562–0.6402.
On the 4-hour chart, the first wave of the higher level (1) of C develops, within which the wave 3 of (1) formed. Now, a local correction is developing as the fourth wave 4 of (1), within the wave c of 4 is forming. If the assumption is correct, after the end of the correction the pair will grow to the levels of 0.7100–0.7300. In this scenario, critical stop loss level is 0.6730.
Main scenario
Long positions will become relevant after the end of the correction, above the level of 0.6730 with the targets at 0.7100–0.7300. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price below the level of 0.6730 will let the pair go down to the levels of 0.6562–0.6402.
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