AUD/USD: wave analysis

The pair may fall.

On the daily chart, the fifth wave of the higher level 5 of (5) forms, within which the wave v of 5 develops. Now, the first wave of the lower level (i) of v has formed, the local correction (ii) of v has developed, and the formation of the wave (iii) of v is starting. 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 0.6895.

Main scenario

Short positions will become relevant below the level of 0.6895 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 0.6895 will let the pair grow to the levels of 0.7080–0.7202.

Scenario

Timeframe Weekly
Recommendation SELL
Entry Point 0.6815
Take Profit 0.6540, 0.6418
Stop Loss 0.6895
Key Levels 0.6895, 0.6540, 0.6418, 0.7080, 0.7202

Alternative scenario

Recommendation BUY STOP
Entry Point 0.6900
Take Profit 0.7080, 0.7202
Stop Loss 0.6840
Key Levels 0.6895, 0.6540, 0.6418, 0.7080, 0.7202