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Technical Analysis 10.01.2019 – AUD/USD: wave analysis
On the 4-hour chart, an upward correction of the higher level develops as the wave 2 of (5). Now, the wave a of 2 is forming, within which the first wave of the lower level (i) of а is developing. If the assumption is correct, the pair will grow to the levels of 0.7301–0.7391. In this scenario, critical stop loss level is 0.7110.
Long positions will become relevant during the correction, above the level of 0.7110 with the targets at 0.7301–0.7391. Implementation period: 5–7 days.
The breakdown and the consolidation of the price below the level of 0.7110 will let the pair go down to the levels of 0.6944–0.6867.
The Technical Analysis is provided by Claws and Horns (Cyprus) Limited, an independent analytical company. Any views and opinions expressed are explicitly those of the writer. Any information contained in the article, is believed to be reliable, and has not been verified by STO and is not guaranteed to be accurate. References to specific products, are for illustrative purposes only and are not a form of solicitation, recommendation or investment advice. Past performance is not a guarantee of future performance.