24Jun

Australian Dollar/U.S. Dollar Elliott Wave Analysis Showing Bullish Trend as Orange Wave 3 Develops on Day and 4-Hour Charts

Australian Dollar/U.S. Dollar (AUDUSD) Elliott Wave Analysis – Trading Lounge Day Chart

AUDUSD Elliott Wave Technical Analysis

FUNCTION: Bullish Momentum

MODE: Impulsive Movement

STRUCTURE: Orange Wave 3 in Progress

POSITION: Formation of Navy Blue Wave 1

NEXT LOWER DEGREE DIRECTION: Anticipating Orange Wave 4

DETAILS:
The correction phase labeled Orange Wave 2 appears to be finalized. Price action is currently advancing within Orange Wave 3, which unfolds as part of the broader Navy Blue Wave 1 trend.

Wave Invalidation Level: 0.559155

The daily AUDUSD chart displays a clearly bullish Elliott Wave configuration. The impulsive nature of Orange Wave 3 signals strong buying pressure and institutional activity. This wave structure indicates the market is in a high-momentum phase, often characterized by rapid price increases.

With Orange Wave 2 likely complete, the development of Orange Wave 3 has commenced. Typically, this phase represents the strongest leg in the five-wave sequence of an Elliott Wave cycle. Upon its completion, a corrective move labeled Orange Wave 4 is expected to follow.

It's important to monitor the invalidation threshold at 0.559155. A move below this point would invalidate the current wave count and necessitate a reassessment. As long as price holds above this level, the bullish outlook remains intact.

Given current conditions, the AUDUSD pair has room for additional gains. The impulsive structure of Orange Wave 3 within Navy Blue Wave 1 supports a sustained bullish trend, signaling continued strength in Australian Dollar performance.

AUDUSD-1d-forex-char...


Australian Dollar/U.S. Dollar (AUDUSD) Elliott Wave Analysis – Trading Lounge 4-Hour Chart

AUDUSD Elliott Wave Technical Analysis

FUNCTION: Uptrend Continuation

MODE: Impulsive Pattern

STRUCTURE: Developing Orange Wave 3

POSITION: Advancement of Navy Blue Wave 1

NEXT HIGHER DEGREE DIRECTION: Ongoing Orange Wave 3

DETAILS:
Orange Wave 2 is assumed complete, with current price movements forming Orange Wave 3.
Wave Invalidation Level: 0.559155

The 4-hour chart confirms bullish conditions in the AUDUSD market. The impulsive progression within Orange Wave 3 underlines ongoing strength as part of the broader Navy Blue Wave 1. This pattern is typical of initial Elliott Wave cycles, where sharp upward movement occurs with minimal retracements.

Completion of Orange Wave 2 has given way to a strong push within Orange Wave 3. This stage is generally the most forceful, with consistent upward momentum and limited corrections, indicating strong buyer commitment.

A price drop below 0.559155 would invalidate this wave scenario. Until then, the technical picture supports a continued bullish bias.

Overall, AUDUSD exhibits favorable conditions for further appreciation. Orange Wave 3’s structure reflects aggressive market participation and likely trend continuation in alignment with Navy Blue Wave 1’s trajectory.

Technical Analyst: Malik Awais

Source: Visit Tradinglounge.com and learn from the Experts. Join TradingLounge Here

Previous: USDCHF 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

Wheat Elliott Wave Technical Analysis: Navigating the Bearish Trend Towards a Potential Reversal

Wheat Elliott Wave Technical Analysis: Navigating the Bearish Trend Towards a Potential Reversal

In our analysis of Wheat's Elliott Wave patterns, we observe a persistent bearish trend since 20...

Read More >
Complete Elliott Wave Analysis of McDonald's Corp. (MCD) - Daily and 4Hr Charts

Complete Elliott Wave Analysis of McDonald's Corp. (MCD) - Daily and 4Hr Charts

This comprehensive Elliott Wave analysis of McDonald's Corp. (MCD) on both daily and 4-hour char...

Read More >
Australian Dollar/U.S.Dollar (AUDUSD) Elliott Wave Technical Analysis 2 November 23

Australian Dollar/U.S.Dollar (AUDUSD) Elliott Wave Technical Analysis 2 November 23

The "AUDUSD Elliott Wave Analysis Trading Lounge Day Chart" dated 2 November 23, focuses o...

Read More >
Insurance Australia Group IAG Elliott Wave Analysis Reveals Key Resistance Targets Before Major Decline | ASX Stock Forecast

Insurance Australia Group IAG Elliott Wave Analysis Reveals Key Resistance Targets Before Major Decline | ASX Stock Forecast

Insurance Australia Group (ASX:IAG) is completing a B-wave and setting up for a decline. Forecasts s...

Read More >
New Zealand Dollar/U.S. Dollar (NZDUSD) Elliott Wave Technical Analysis: 4-Hour & Daily Chart Overview, February 13, 2024

New Zealand Dollar/U.S. Dollar (NZDUSD) Elliott Wave Technical Analysis: 4-Hour & Daily Chart Overview, February 13, 2024

Expert insights into NZDUSD analysis and forecasts, covering the New Zealand Dollar/U.S. Dollar curr...

Read More >
Discover How to leverage Elliott Wave Theory to make Informed Decisions about McDonald's Corp. Stock: MCD Elliott Wave analysis

Discover How to leverage Elliott Wave Theory to make Informed Decisions about McDonald's Corp. Stock: MCD Elliott Wave analysis

This article provides a detailed Elliott Wave analysis of McDonald's Corp. (MCD), focusing on ke...

Read More >

$1 for 2 Weeks

then $29 a month!

What a Special Offer!

Trade Recommendations

Unleash the power of deversified trading with our comprehensive portfolio, covering 250+ markets:

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

Gain a competitive edge with expert insights and AI-powered Elliott Wave charting into:

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

Equip yourself with the tools of success:

  • Real-time Chat rooms
  • Elliott Wave Algorithm
  • Portfolio tools
  • TradingLevels
  • Screener
  • 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