AUD/USD: wave analysis

The pair may grow.

On the 4-hour chart, the fifth wave of the higher level 5 of (5) formed, within which the wave v of 5 ended. Now, the development of the first wave i of 1 has started, within which the wave (v) of i is forming. If the assumption is correct, the pair will grow to the levels of 0.7080–0.7202. In this scenario, critical stop loss level is 0.6806.

Main scenario

Long positions will become relevant above the level of 0.6806 with the targets at 0.7080–0.7202. Implementation period: 7 days and more.

Alternative scenario

The breakout and the consolidation of the price below the level of 0.6806 will let the pair go down to the levels of 0.6666–0.6540.

Scenario

Timeframe Weekly
Recommendation BUY
Entry Point 0.6916
Take Profit 0.7080, 0.7202
Stop Loss 0.6806
Key Levels 0.6540, 0.6666, 0.6806, 0.7080, 0.7202

Alternative scenario

Recommendation SELL STOP
Entry Point 0.6800
Take Profit 0.6666, 0.6540
Stop Loss 0.6860
Key Levels 0.6540, 0.6666, 0.6806, 0.7080, 0.7202