The pair is in a correction.

Assumingly, the fifth wave within a long-term Bearish trend has finished forming. At present, a reversal seems to be forming within which the first wave in the shape of a diagonal has formed and a correction as the second wave is developing. Locally, wave (b) of ii seems to be nearing the end, and a fall within wave (c) to 0.6970-0.6920 is expected. A critical for this scenario is the level of 0.7240.

Trading tips

Sell the pair from corrections, below the level of 0.7240 with the target at 0.6970-0.6920.

Alternative scenario

The breakout and consolidation above the level of 0.7240 would allow the pair to continue growing to 0.7560.

AUD/USD: wave analysis

AUD/USD: wave analysis

The material published on this page is produced by LiteForex and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC; furthermore it has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

Follow us in social networks!
Live Chat
Leave feedback