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Pair’s fall possibility remains.
Assumingly, an upward correction of the higher level within wave b of 2 has finished developing. At present, the first starting wave (i) as a diagonal seems to have formed, and a local correction as wave (ii) is developing. If the assumption is correct, a further fall towards the levels of 0.7400-0.7300 and lower should be expected after the correction ends. Critical for this scenario is the level of 0.7756.
Trading tips
Sell the pair from corrections, below the level of 0.7756 with the target at 0.7500-0.7400.
Alternative scenario
The breakout and consolidation above the level of 0.7756 would allow the pair to grow to 0.7900-0.8000.
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2016-08-24 09:19 (GMT+2) AUD/USD
Pair’s fall possibility remains.
Assumingly, an upward correction of the higher level within wave b of 2 has finished developing. At present, the first starting wave (i) as a diagonal seems to have formed, and a local correction as wave (ii) is developing. If the assumption is correct, a further fall towards the levels of 0.7400-0.7300 and lower should be expected after the correction ends. Critical for this scenario is the level of 0.7756.
Trading tips
Sell the pair from corrections, below the level of 0.7756 with the target at 0.7500-0.7400.
Alternative scenario
The breakout and consolidation above the level of 0.7756 would allow the pair to grow to 0.7900-0.8000.
Scenario
Timeframe | Weekly |
Recommendation | SELL |
Entry Point | 0.7594 |
Take Profit | 0.7500, 0.7400 |
Stop Loss | 0.7660 |
Key Levels | 0.7400, 0.7500, 0.7756, 0.7900, 0.8000 |
Alternative scenario
Recommendation | BUY STOP |
Entry Point | 0.7760 |
Take Profit | 0.7900, 0.8000 |
Stop Loss | 0.7660 |
Key Levels | 0.7400, 0.7500, 0.7756, 0.7900, 0.8000 |
with
M Samer Al Reifae
Official HiWayFX Representative in Romania
samer@hiwayfx.com
+40 734 277 757
Official HiWayFX Representative in Romania
samer@hiwayfx.com
+40 734 277 757
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Do your own due diligence.
No one knows tomorrow's price or circumstance.
I intend to portray my thoughts and ideas on the subject which may s be used as a tool for the reader.
I do not accept responsibility for being incorrect in my speculations on market trend.
I intend to portray my thoughts and ideas on the subject which may s be used as a tool for the reader.
I do not accept responsibility for being incorrect in my speculations on market trend.