AUDUSD ANALYSIS FOR 7 – 13 AUGUST 2022
This analysis will be quite lengthy, please read through to the very end.
The Genesis- Right from late year 1997, large part of year 1999, a fall and bounce in year 2008-2009 (The subprime mortgage recession) up to year 2020’s Covid-19 pandemic recession – The Aussie has been respecting the 0.65000 price region.
Fast forward to year 2022- In early April 2022, AUDUSD price found a shooting star (bearish pin bar) candlestick pattern which then ignite the play out of Elliot wave 1, 2, 3, 4 while wave 5’s formation is currently pushing Aussie price bearish below wave 3 @ 0.66840 region.
Fact Check- A cursory look at swing Z @0.76600 region to swing 1 (wave 1) @ 0.68300 region shows that price retraced into 50%-61.8% Fibonacci level to form wave 2. Similarly, swing 2 (wave 2) @ 0.72800 to swing 3 (wave 3) @ 0.66800 price retraced into 61.8% fib level to form wave 4 and simultaneously a rejection on the Trendline Z4 will cause the price which is currently below weekly pivot @ 0.69600 region to dive into 0.65000 region but will first hit wave 3 support zone @ 0.66800 as seen in the descending triangle Z413 (see image for details).
Conclusion- I would rather target 0.66000 instead, appropriate risk management is advised!
Do have a pipful week ahead #Learn2Earn
This analysis will be quite lengthy, please read through to the very end.
The Genesis- Right from late year 1997, large part of year 1999, a fall and bounce in year 2008-2009 (The subprime mortgage recession) up to year 2020’s Covid-19 pandemic recession – The Aussie has been respecting the 0.65000 price region.
Fast forward to year 2022- In early April 2022, AUDUSD price found a shooting star (bearish pin bar) candlestick pattern which then ignite the play out of Elliot wave 1, 2, 3, 4 while wave 5’s formation is currently pushing Aussie price bearish below wave 3 @ 0.66840 region.
Fact Check- A cursory look at swing Z @0.76600 region to swing 1 (wave 1) @ 0.68300 region shows that price retraced into 50%-61.8% Fibonacci level to form wave 2. Similarly, swing 2 (wave 2) @ 0.72800 to swing 3 (wave 3) @ 0.66800 price retraced into 61.8% fib level to form wave 4 and simultaneously a rejection on the Trendline Z4 will cause the price which is currently below weekly pivot @ 0.69600 region to dive into 0.65000 region but will first hit wave 3 support zone @ 0.66800 as seen in the descending triangle Z413 (see image for details).
Conclusion- I would rather target 0.66000 instead, appropriate risk management is advised!
Do have a pipful week ahead #Learn2Earn