AUD/USD: wave analysis

The pair decreases.

On the daily chart, the third wave of the higher level 3 of (5) forms, within which the wave iii of 3 develops. Now, an upward correction has formed as the wave (ii) of iii of the lower level, and the development of the wave (iii) of iii has begun. If the assumption is correct, the pair will fall to the levels of 0.6540–0.6418. In this scenario, critical stop loss level is 0.6893.

Main scenario

Short positions will become relevant during the correction, below the level of 0.6893 with the targets at 0.6540–0.6418. Implementation period: 7 days and more.

Alternative scenario

The breakout and the consolidation of the price above the level of 0.6893 will let the pair grow to the levels of 0.7080–0.7205.

Scenario

Timeframe Weekly
Recommendation SELL
Entry Point 0.6777
Take Profit 0.6540, 0.6418
Stop Loss 0.6893
Key Levels 0.6418, 0.6540, 0.6893, 0.7080, 0.7205

Alternative scenario

Recommendation BUY STOP
Entry Point 0.6900
Take Profit 0.7080, 0.7205
Stop Loss 0.6840
Key Levels 0.6418, 0.6540, 0.6893, 0.7080, 0.7205