Apr 9, 2020, 8:24:04 AM

AUD/USD: wave analysis

The pair is in correction; the probability of growth is maintained.

On the daily chart, the downtrend continues to develop as a wave of the higher level (C), as part of which a wave of 3 of (C) has formed. At the moment, local correction is developing as the fourth wave 4 of (C), as part of which the wave c of 4 is developing. If the assumption is right, the growth of the pair will continue to the levels of 0.6457–0.6682. The level of 0.5985 is critical and stop-loss for this scenario.

Main scenario

Long positions are relevant from the corrections above level of 0.5985 with targets at 0.6457–0.6682. Implementation period: 5-7 days.

Alternative scenario

Breaking down the level of 0.5985 and consolidation below it will allow the pair to continue reduction to the level 0.5260–0.4930.

Scenario

  • Timeframe

    Weekly

  • Recommendation

    BUY

  • Entry Point

    0.6203

  • Take Profit

    0.6457, 0.6682

  • Stop Loss

    0.5985

  • Key Levels

    0.4930, 0.5260, 0.5985, 0.6457, 0.6682

Alternative scenario

  • Timeframe

    Weekly

  • Recommendation

    SELL STOP

  • Entry Point

    0.5980

  • Take Profit

    0.5260, 0.4930

  • Stop Loss

    0.6220

  • Key Levels

    0.4930, 0.5260, 0.5985, 0.6457, 0.6682

Tifia trading account

Open

AUD/USD forecast for today.