AUDUSD Elliott Wave Analysis - Trading Lounge Day Chart
Australian Dollar/U.S. Dollar (AUDUSD) Pair Analysis
AUDUSD Elliott Wave Technical Analysis
Function: Counter Trend
Mode: Corrective
Structure: Orange wave 2
Position: Navy blue wave 1
Next Higher Degree Direction: Orange wave 3
Details: The AUDUSD Elliott Wave analysis on the daily chart shows that the market is in a corrective counter-trend phase. Currently, orange wave 2 is unfolding after the completion of orange wave 1. This wave 2 is nearing its final stages, and the next expected movement is the initiation of orange wave 3, which will continue the broader upward trend.
Wave Cancel Invalidation Level: 0.63494
The chart indicates that orange wave 1 has completed, leading into the development of orange wave 2, which is approaching its conclusion. Once orange wave 2 finalizes, the market is expected to transition into the next phase—orange wave 3, aligned with the larger trend.
At present, the market is situated within navy blue wave 1, suggesting the early stages of this Elliott Wave pattern. As orange wave 2 concludes, orange wave 3 is expected to resume the impulsive trend upward.
In this corrective phase, the AUDUSD market is undergoing a retracement, offering consolidation before resuming its broader trend with wave 3. The key invalidation level for the current structure is 0.63494. A drop below this point would invalidate the existing wave configuration.
Key Takeaways:
- Current Phase: Corrective (Orange wave 2)
- Next Expected Move: Upward (Orange wave 3)
- Invalidation Level: 0.63494
- Position in Wave Structure: Navy blue wave 1
AUDUSD Elliott Wave Analysis - Trading Lounge 4-Hour Chart
Australian Dollar/U.S. Dollar (AUDUSD) Chart Analysis
AUDUSD Elliott Wave Technical Analysis
Function: Counter Trend
Mode: Corrective
Structure: Orange wave 2
Position: Navy blue wave 1
Next Higher Degree Direction: Orange wave 3
Details:
On the 4-hour chart, the AUDUSD Elliott Wave analysis shows that the market is in a corrective counter-trend phase, with orange wave 2 actively unfolding. This phase follows the completion of orange wave 1, and the market is currently positioned within navy blue wave 1.
Wave Cancel Invalidation Level: 0.63494
The analysis indicates that orange wave 2 is nearing its conclusion, and once it completes, orange wave 3 is expected to begin, marking a potential shift into a new upward impulsive trend. The key invalidation level for this wave count remains 0.63494, meaning any move below this level would invalidate the current wave structure and require a reevaluation of the wave pattern.
Until then, traders can anticipate the conclusion of wave 2 and the initiation of wave 3, which is expected to drive the next upward price movement.
Key Takeaways:
- Current Phase: Corrective (Orange wave 2)
- Next Expected Move: Upward (Orange wave 3)
- Invalidation Level: 0.63494
- Position in Wave Structure: Navy blue wave 1
Technical Analyst: Malik Awais
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