FX:AUDUSD   Australian Dollar / U.S. Dollar
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The correction ended, the price may fall.

On the 4-hour 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 ended as the wave (ii) of iii . 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 0.6923.

Main scenario

Short positions will become relevant during the correction, below the level of 0.6923 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 0.6923 will let the pair grow to the levels of 0.7080–0.7205.

Scenario

Timeframe Weekly
Recommendation SELL
Entry Point 0.6869
Take Profit 0.6540, 0.6418
Stop Loss 0.6923
Key Levels 0.6418, 0.6540, 0.6923, 0.7080, 0.7205

Alternative scenario

Recommendation BUY STOP
Entry Point 0.6925
Take Profit 0.7080, 0.7205
Stop Loss 0.6865
Key Levels 0.6418, 0.6540, 0.6923, 0.7080, 0.7205
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