AUD/USD: wave analysis

AUD/USD: wave analysis

The trend is upward.

On the 4-hour chart the upward momentum as a third wave of the higher level iii is forming. Locally the development of the downward correction (iv) has ended, and the formation of the fifth wave of the lower level (v) of iii. If the assumption is correct, the pair will grow to the levels of 0.8100–0.8200. The level of 0.7810 is critical for this scenario.

Main scenario

Long positions can be opened above the level of 0.7810 with the targets at 0.8100–0.8200.

Alternative scenario

The breakdown and the consolidation of the price below the level of 0.7810 will let the pair go down to the level of 0.7750.

Entry Point0.7919
Take Profit0.8100, 0.8200
Stop Loss0.7855
Key Levels0.7750, 0.7810, 0.8100, 0.8200

Alternative scenario

RecommendationSELL STOP
Entry Point0.7800
Take Profit0.7750
Stop Loss0.7850
Key Levels0.7750, 0.7810, 0.8100, 0.8200

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