AUD/USD: wave analysis 01 April 2021, 11:43

AUD/USD: wave analysis

01 April 2021, 11:43

Scenario
Timeframe	Weekly
Recommendation	SELL
Entry Point	0.7539
Take Profit	0.7410, 0.7036
Stop Loss	0.7600
Key Levels	0.7036, 0.7410, 0.7847, 0.8006, 0.8150

Alternative scenario
Recommendation	BUY STOP
Entry Point	0.7850
Take Profit	0.8006, 0.8150
Stop Loss	0.7790
Key Levels	0.7036, 0.7410, 0.7847, 0.8006, 0.8150

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, and a downward correction forms as the wave (2) of C. Now, the wave A of (2) is developing, within which the third wave of the lower level iii of A forms. 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 0.7847.

Main scenario

Short positions will become relevant during the correction, below the level of 0.7847 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 0.7847 will let the pair grow to the levels of 0.8006–0.8150.