FX:AUDUSD   Australian Dollar / U.S. Dollar
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The pair may fall.

On the 4-hour chart, the third wave of the higher level iii of 3 of (5) forms, within which the wave ( iii ) of iii of 3 develops. Now, the first wave of the lower level i of ( iii ) has formed, and the local correction ii of ( iii ) is developing. If the assumption is correct, after the end of the correction, the pair will fall to the levels of 0.6540–0.6418. In this scenario, critical stop loss level is 0.6894.

Main scenario

Short positions will become relevant after the end of the correction, below the level of 0.6894 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 0.6894 will let the pair grow to the levels of 0.7080–0.7208.

Scenario

Timeframe Weekly
Recommendation SELL
Entry Point 0.6744
Take Profit 0.6540, 0.6418
Stop Loss 0.6894
Key Levels 0.6418, 0.6540, 0.6894, 0.7080, 0.7208

Alternative scenario

Recommendation BUY STOP
Entry Point 0.6900
Take Profit 0.7080, 0.7208
Stop Loss 0.6840
Key Levels 0.6418, 0.6540, 0.6894, 0.7080, 0.7208
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