The downward trend is in force.
On the H4 chart the fifth higher-level wave (5) is developing, within which a downward impulse is formed as the first wave 1 of (5). Locally, apparently, the development of the fifth wave of the lower level v of 1 has ended, within which the wave (i) of v has ended too. If the assumption is true, then after correction (ii), the decline in the pair will continue to 0.7410-0.7350. The level of 0.7650 is critical for this scenario.
Main scenario
Short positions will become relevant below the level of 0.7650 with a target in the range of 0.7410-0.7350.
Alternative scenario
Breakout of 0.7650 will allow the pair to continue its growth to the level of 0.7756.
Australian vs US Dollar
Buy Sell Spread
0.75264 0.75237 27
Scenario
Timeframe Weekly
Recommendations SELL
Entry Point 0.7534
Take Profit 0.7410, 0.7350
Stop Loss 0.7595
Support levels 0.7350, 0.7410, 0.7650, 0.7756
Alternative scenario
Recommendations BUY STOP
Entry Point 0.7655
Take Profit 0.7756
Stop Loss 0.7600
Support levels 0.7350, 0.7410, 0.7650, 0.7756
On the H4 chart the fifth higher-level wave (5) is developing, within which a downward impulse is formed as the first wave 1 of (5). Locally, apparently, the development of the fifth wave of the lower level v of 1 has ended, within which the wave (i) of v has ended too. If the assumption is true, then after correction (ii), the decline in the pair will continue to 0.7410-0.7350. The level of 0.7650 is critical for this scenario.
Main scenario
Short positions will become relevant below the level of 0.7650 with a target in the range of 0.7410-0.7350.
Alternative scenario
Breakout of 0.7650 will allow the pair to continue its growth to the level of 0.7756.
Australian vs US Dollar
Buy Sell Spread
0.75264 0.75237 27
Scenario
Timeframe Weekly
Recommendations SELL
Entry Point 0.7534
Take Profit 0.7410, 0.7350
Stop Loss 0.7595
Support levels 0.7350, 0.7410, 0.7650, 0.7756
Alternative scenario
Recommendations BUY STOP
Entry Point 0.7655
Take Profit 0.7756
Stop Loss 0.7600
Support levels 0.7350, 0.7410, 0.7650, 0.7756