Impulsive Wave Rally: AUD/USD Targets 0.70750.
Updated
Hello traders,
Here is my analyis of AUDUSD pair.
After AUD/USD completed an upward impulsive wave labeled as wave (1) in the chart, the pair is expected to form a minor correction in wave (2) before continuing the impulsive upward wave (3), consisting of five subwaves. Based on our analysis, waves (1) and (2) have already formed, and it appears we are currently in wave (3).
We expect a rally from this zone following the shallow wave (2) correction.
The channel break indicates potential reversal areas, suggesting the start of a continued upward phase towards the 0.70750 level as a potential target in the bullish direction. However, a lower low below 0.63623 would invalidate the bullish scenario.
Alternative Scenario:
The alternative scenario is a further drop in wave (2) towards the 0.64977 price region marked by blue box before the rally to the upside.
Here is my analyis of AUDUSD pair.
After AUD/USD completed an upward impulsive wave labeled as wave (1) in the chart, the pair is expected to form a minor correction in wave (2) before continuing the impulsive upward wave (3), consisting of five subwaves. Based on our analysis, waves (1) and (2) have already formed, and it appears we are currently in wave (3).
We expect a rally from this zone following the shallow wave (2) correction.
The channel break indicates potential reversal areas, suggesting the start of a continued upward phase towards the 0.70750 level as a potential target in the bullish direction. However, a lower low below 0.63623 would invalidate the bullish scenario.
Alternative Scenario:
The alternative scenario is a further drop in wave (2) towards the 0.64977 price region marked by blue box before the rally to the upside.
Comment
UPDATE: The Alternate scenario seem to be having the upper hand in this analysis.
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