Australian Dollar/U.S. Dollar (AUDUSD) Daily Chart
AUDUSD Elliott Wave Technical Analysis
Function: Counter-trend
Mode: Impulsive as Wave C
Structure: Navy blue Wave C
Position: Gray Wave Y of 2
Next Higher Degree Direction: Orange Wave 1 (New Trend)
Details:
The Australian Dollar to US Dollar (AUDUSD) is in a counter-trend phase based on Elliott Wave Analysis of the daily chart. The market is progressing within an impulsive wave labeled navy blue Wave C, part of the broader gray Wave Y of 2 corrective structure. This phase is nearing completion, indicating a potential market transition.
- Navy blue Wave C represents the final impulsive wave within the current corrective phase, signaling the completion of gray Wave Y of 2.
- The completion of navy blue Wave C sets the stage for the next major market movement, orange Wave 1, which marks the beginning of a new bullish trend.
- As navy blue Wave C approaches its conclusion, traders should anticipate a shift from the counter-trend phase to an impulsive trend that aligns with broader market dynamics.
Summary:
The AUDUSD pair is nearing the end of its corrective phase as navy blue Wave C unfolds within the gray Wave Y of 2 structure. This pivotal phase signals the culmination of the counter-trend movement and prepares the market for a new bullish trend, starting with orange Wave 1. The end of navy blue Wave C represents a key turning point, offering insights into the potential for upward market momentum.
Australian Dollar/U.S. Dollar (AUDUSD) 4-Hour Chart
AUDUSD Elliott Wave Technical Analysis
Function: Counter-trend
Mode: Impulsive
Structure: Orange Wave 5
Position: Navy Blue Wave C
Next Higher Degree Direction: Orange Wave 1 (New Trend)
Details:
The AUDUSD currency pair remains in a counter-trend phase as identified by Elliott Wave Analysis of the 4-hour chart. The market is progressing through orange Wave 5, a component of the larger navy blue Wave C structure. Following the completion of orange Wave 4, the market has shifted focus to the development of orange Wave 5.
- Orange Wave 5 serves as the final impulsive wave within the navy blue Wave C corrective phase.
- Upon completion, orange Wave 5 will conclude the corrective sequence and pave the way for the start of a new bullish trend, orange Wave 1, at a higher degree.
- This transition will mark the end of the corrective phase, shifting the market toward an upward trajectory.
Summary:
The AUDUSD pair is nearing the conclusion of its corrective phase with orange Wave 5 unfolding as part of navy blue Wave C. The end of this sequence signifies a crucial transition, preparing the market for the anticipated upward trend initiated by orange Wave 1. The progression through orange Wave 5 will confirm the conclusion of the corrective structure and establish the foundation for bullish market momentum.
Technical Analyst: Malik Awais
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