Technical Analytics Report

AUD/USD: Wave Analysis Report 13 May 2021

AUD/USD: Wave Analysis Report 13 May 2021

 

The pair may fall. 

On the daily chart, the first wave of the higher level (1) of C developed, and a downward correction forms as the wave (2) of C. Now, the wave A of (2) has formed, and the wave B of (2) has ended. If the assumption is correct, the pair will fall within the wave C of (2) to the levels of 0.7410–0.7036. In this scenario, critical stop loss level is 0.7895. 

Main Scenario 

Short positions will become relevant during the correction, below the level of 0.7895 with the targets at 0.7410–0.7036. Implementation period: 7 days and more. 

Alternative Scenario 

The breakout and the consolidation of the price above the level of 0.7895 will let the pair grow to the levels of 0.8008–0.8150. 

Scenario 

Timeframe: Weekly

Recommendation: Sell

Entry Point: 0.7721

Take Profit: 0.7410, 0.7036

Stop Loss: 0.7895

Key Levels: 0.7036, 0.7410, 0.7895, 0.8008, 0.8150 

Alternative Scenario 

Timeframe: Weekly

Recommendation: Buy Stop

Entry Point: 0.7900

Take Profit: 0.8008, 0.8150

Stop Loss: 0.7840

Key Levels: 0.7036, 0.7410, 0.7895, 0.8008, 0.8150

 

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