Sep 16, 2020, 7:43:05 AM
AUD/USD: wave analysis
The pair may fall.
On the 4-hour chart, the first wave of the higher level (1) of C develops, within which the wave 1 of (1) formed, and a downward correction started to develop as the second wave 2 of (1). Now, the wave a of 2 is developing, within which a local correction has formed as the wave (ii) of a. If the assumption is correct, the pair will fall to the levels of 0.6965–0.6682. In this scenario, critical stop loss level is 0.7415.
Main scenario
Short positions will become relevant during the correction, below the level of 0.7415 with the targets at 0.6965–0.6682. Implementation period: 7 days and more.
Alternative scenario
The breakout and the consolidation of the price above the level of 0.7415 will let the pair grow to the levels of 0.7600–0.7700.
Scenario
-
Timeframe
Weekly
-
Recommendation
SELL
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Entry Point
0.7318
-
Take Profit
0.6965, 0.6682
-
Stop Loss
0.7415
-
Key Levels
0.6682, 0.6965, 0.7415, 0.7600, 0.7700
Alternative scenario
-
Timeframe
Weekly
-
Recommendation
BUY STOP
-
Entry Point
0.7420
-
Take Profit
0.7600, 0.7700
-
Stop Loss
0.7360
-
Key Levels
0.6682, 0.6965, 0.7415, 0.7600, 0.7700
