AUDUSD Elliott Wave Analysis - Trading Lounge Day Chart

Australian Dollar/U.S. Dollar (AUDUSD) Day Chart

AUDUSD Elliott Wave Technical Analysis

FUNCTION: Bullish Trend

MODE: Impulsive

STRUCTURE: Orange Wave 3

POSITION: Navy Blue Wave 1

DIRECTION NEXT LOWER DEGREES: Orange Wave 4

DETAILS: Orange Wave 2 appears completed, and now Orange Wave 3 is in progress.

Wave Cancel Invalid Level: 0.66222

The AUDUSD Elliott Wave analysis on the daily chart indicates a bullish trend developing in an impulsive mode. The current wave pattern identifies Orange Wave 3, suggesting that the market is advancing in the third wave of a typical five-wave sequence, known for strong upward momentum. The position is Navy Blue Wave 1, highlighting that the market remains in the early stages of a broader uptrend.

According to the analysis, Orange Wave 2, which represents the corrective phase, has likely concluded, and Orange Wave 3 is actively pushing the market higher. Wave 3 is usually considered the most powerful in an impulsive wave sequence, which suggests potential for further upward movement in upcoming sessions.

Looking ahead, the next anticipated direction at a lower degree is Orange Wave 4. This means that once Orange Wave 3 concludes, the market may experience a brief corrective phase (Wave 4) before resuming its bullish momentum in Wave 5. The invalidation level for this wave structure is set at 0.66222. If the price drops below this level, the current Elliott Wave analysis would be invalidated, requiring a new outlook on the market.

In conclusion, the AUDUSD daily chart reflects a strong bullish trend. With Orange Wave 2 completed and Orange Wave 3 driving prices upward, the outlook remains positive unless the price falls below 0.66222. Further gains are expected as the bullish trend progresses, with a potential correction in Wave 4 after the completion of Wave 3.

AUDUSD-1D-Forex-Char...


Australian Dollar/U.S. Dollar (AUDUSD) 4 Hour Chart Analysis

AUDUSD Elliott Wave Technical Analysis

FUNCTION: Bullish Trend

MODE: Impulsive

STRUCTURE: Gray Wave 3

POSITION: Orange Wave 3

DIRECTION NEXT LOWER DEGREES: Gray Wave 4

DETAILS: Gray Wave 2 appears completed, and now Gray Wave 3 is in play.

Wave Cancel Invalid Level: 0.66222

The AUDUSD Elliott Wave analysis on the 4-hour chart shows a developing bullish trend in an impulsive mode. The current wave pattern identifies Gray Wave 3, indicating that the market is advancing in the third wave of a larger five-wave sequence, which often aligns with strong upward momentum. The position within this structure is Orange Wave 3, suggesting that the market is still advancing in its upward trend, with further potential for gains.

This analysis shows that Gray Wave 2, a corrective phase in the broader trend, has likely completed, and now Gray Wave 3 is actively driving the market higher. Typically, Wave 3 is the longest and most powerful in a five-wave sequence, which further supports expectations for continued upward movement in the market.

The next direction at a lower degree is Gray Wave 4, indicating that after Gray Wave 3 completes, the market may enter a temporary corrective phase before resuming the bullish trend. The invalidation level for this wave structure is set at 0.66222. If the price falls below this level, the current wave structure will be invalidated, and a new market analysis would be required.

In summary, the AUDUSD 4-hour chart continues to reflect a strong bullish trend, with Gray Wave 3 currently leading the market higher. The completion of Gray Wave 2 has cleared the path for additional upward movement. Unless the price drops below 0.66222, the current wave structure remains valid, and further gains are anticipated as the bullish trend continues.

Technical Analyst: Malik Awais

Source: visit Tradinglounge.com and learn From the Experts Join TradingLounge Here 

Previous: New Zealand Dollar/ U.S. Dollar (NZDUSD) Elliott Wave Technical Analysis

VALUE Offer - Buy 1 Month & Get 3 Months!Click here

Access 7 Analysts Over 200 Markets Covered. Chat Room With Support

AUDUSD-4h-Forex-Char...

Related

Bitcoin Crypto Price News Elliott Wave Technical Analysis: BTCUSD Forecasting Potential Uptrends, and Trading Strategies

Bitcoin Crypto Price News Elliott Wave Technical Analysis: BTCUSD Forecasting Potential Uptrends, and Trading Strategies

This article provides a comprehensive BTCUSD Elliott Wave analysis, Highlighting Bitcoin's curre...

Read More >
Exxon Mobil Corp.(XOM:NYSE) Elliott Wave Technical Analysis 17 October 23

Exxon Mobil Corp.(XOM:NYSE) Elliott Wave Technical Analysis 17 October 23

Exxon Mobil Corp.(XOM:NYSE) Elliott Wave Technical Analysis 17 October 23. TradingLounge Analyst ant...

Read More >
Make Informed Decisions with Accurate British Pound/U.S. Dollar Forex Pair (GBPUSD) Elliott Wave Technical Analysis

Make Informed Decisions with Accurate British Pound/U.S. Dollar Forex Pair (GBPUSD) Elliott Wave Technical Analysis

This in-depth GBPUSD Elliott Wave analysis provides a detailed forecast of the British Pound to US D...

Read More >
Elliott Wave Analysis of Woolworths Group (WOW) Stock: ASX Market Trends, Price Forecasts, and Trading Insights

Elliott Wave Analysis of Woolworths Group (WOW) Stock: ASX Market Trends, Price Forecasts, and Trading Insights

Our detailed Elliott Wave analysis of Woolworths Group (WOW) provides ASX traders with key insights ...

Read More >
Swiss Market Index Elliott Wave Technical Analysis: Covers All Essential Aspects of SMI Trading  and Looking for Bullish Trends

Swiss Market Index Elliott Wave Technical Analysis: Covers All Essential Aspects of SMI Trading and Looking for Bullish Trends

This article thoroughly analyses the Swiss Market Index (SMI) using Elliott Wave theory, offering va...

Read More >
Commodities & Futures Market Analysis: Elliott Wave Insights & Strategies

Commodities & Futures Market Analysis: Elliott Wave Insights & Strategies

Discover profitable opportunities in the Commodities and Futures Trading Market with our comprehen...

Read More >

Buy 1 Month

Get 3 Months!

Special Offer:

Trade Recommendations

Unleash the power of deversified trading with our comprehensive portfolio, covering:

  • Stock Trades
  • Crypto Trades
  • Forex Trades
  • Commodity Trades
Elliott Wave Analysis

Gain a competive edge with expert insights in to:

  • Global Indices
  • US Stocks & ASX Stocks
  • Forex & Crypto
  • Commodities
Top-Notch Trading Tools

Equip yourself with the tools of success:

  • Social Chat
  • Elliott Wave Algorithm
  • Screener
  • TradingLevels
  • Trading Game
7 Elliott Wave Analysts

Stay ahead of the market with daily charts and insightful videos
-Your secret to strategic trading!

JOIN HERE


Welcome to TradingLounge (ASIC A.R.No. 321187), specialists in trades, trading education and technical analysis, covering stocks, indices, commodities, forex and cryptocurrencies.

When you join TradingLounge you have access to everything we offer, including trade tools, educational content and a social platform to chat with like-minded investors.

Read more

@Copyright 2024 by tradinglounge.com

Contact Us

Australian no: 02 4787 6020

International no: +61 (2) 47876020

Pay with:

Find us on