AUD/USD: wave analysis 10 March 2021, 08:58

AUD/USD: wave analysis

10 March 2021, 08:58

Scenario
Timeframe	Weekly
Recommendation	SELL
Entry Point	0.7680
Take Profit	0.7410, 0.7036
Stop Loss	0.7770
Key Levels	0.7036, 0.7410, 0.7998, 0.8150, 0.8300

Alternative scenario
Recommendation	BUY STOP
Entry Point	0.8000
Take Profit	0.8150, 0.8300
Stop Loss	0.7940
Key Levels	0.7036, 0.7410, 0.7998, 0.8150, 0.8300

The pair is in a correction, a fall is possible.

On the daily chart, the first wave of the higher level (1) of C developed, within which the fifth wave 5 of (1) formed. Now, a downward correction has started to develop as the wave (2) of C, within which the first entry wave of the lower level i of A of (2) is forming. If the assumption is correct, the pair will fall to the levels of 0.7410–0.7036. In this scenario, critical stop loss level is 0.7998.

Main scenario

Short positions will become relevant during the correction, below the level of 0.7998 with the targets at 0.7410–0.7036. Implementation period: 7 days and more.

Alternative scenario

The breakout and the consolidation of the price above the level of 0.7998 will let the pair grow to the levels of 0.8150–0.8300.