AUD/USD: wave analysis 27 January 2021, 11:10

 

AUD/USD: wave analysis

27 January 2021, 11:10

Scenario
Timeframe	Weekly
Recommendation	BUY
Entry Point	0.7738
Take Profit	0.7900, 0.8100
Stop Loss	0.7660
Key Levels	0.7224, 0.7460, 0.7660, 0.7900, 0.8100

Alternative scenario
Recommendation	SELL STOP
Entry Point	0.7655
Take Profit	0.7460, 0.7224
Stop Loss	0.7720
Key Levels	0.7224, 0.7460, 0.7660, 0.7900, 0.8100

The pair may grow.

On the daily chart, the first wave of the higher level (1) of C develops, within which the third wave 3 of (1) forms. Now, the fifth wave of the lower level v of 3 is developing, within which the local correction (ii) of v has ended. If the assumption is correct, the pair will grow to the levels of 0.7900–0.8100. In this scenario, critical stop loss level is 0.7660.

Main scenario

Long positions will become relevant during the correction, above the level of 0.7660 with the targets at 0.7900–0.8100. Implementation period: 7 days and more.

Alternative scenario

The breakdown and the consolidation of the price below the level of 0.7660 will let the pair go down to the levels of 0.7460–0.7224.