AUD/USD: Wave Analysis

 

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2016-07-13 09:05 (GMT+2) AUD/USD

 

Fall is expected.
Assumingly, formation of an upward correction as wave b of 2 which has got a bit more extended is nearing the end. At present, development of a diagonal as wave (c) of b seems to have finished, and if the assumption is correct, a fall towards 0.7140-0.7100 within wave c of 2 should be expected. Critical for this scenario is the level of 0.7658.

Trading Tips
Sell the pair form corrections, below the level of 0.7658 with the target at 0.7140-0.7100.

Alternative Scenario
The breakout and consolidation above the level of 0.7658 would allow the pair to grow to 0.7760-0.7800.

Scenario

Timeframe	Weekly
Recommendation	SELL
Entry Point	0.7588
Take Profit	0.7140, 0.7100
Stop Loss	0.7680
Key Levels	0.7100, 0.7140, 0.7658, 0.7760, 0.7800

Alternative scenario

Recommendation	BUY STOP
Entry Point	0.7670
Take Profit	0.7760, 0.7800
Stop Loss	0.7570
Key Levels	0.7100, 0.7140, 0.7658, 0.7760, 0.7800

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