AUD/USD: Wave Analysis

19 April 2016, 08:56

Scenario
Timeframe	Weekly
Recommendation	BUY
Entry Point	0.7798
Take Profit	0.7950, 0.8000
Stop Loss	0.7680
Key Levels	0.7300, 0.7400, 0.7628, 0.7950, 0.8000

Alternative Scenario
Recommendation	SELL STOP
Entry Point	0.7620
Take Profit	0.7400, 0.7300
Stop Loss	0.7700
Key Levels	0.7300, 0.7400, 0.7628, 0.7950, 0.8000

Growth continues.

Assumingly, an upward trend in wave 1 continues developing. Locally, the fifth wave of the lower level seems to be forming, within which the third wave (iii) of v of 1 is probably developing. If the assumption is correct, the pair continues growing towards 0.7950, 0.8000. Critical for this scenario is the level of 0.7628.

Trading Tips

Buy the pair above the level of 0.7628 with targets at 0.7950, 0.8000.

Alternative Scenario

The breakdown and consolidation below the level of 0.7628 would allow the pair to fall to 0.7400, 0.7300.

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