📊 Elliott Wave Technical Analysis – AUD/USD (4H, New Week)
🔹 Wave Structure
- In late July, AUD/USD completed a downward five-wave sequence, bottoming near 0.6460.
- From early August, the pair began a corrective phase, followed by sideways consolidation.
- Recently, a strong impulsive five-wave rally unfolded, peaking around 0.6680.
- This suggests wave (5) of the bullish structure has just completed.
🔹 Current Situation
- Price is consolidating around 0.6650 after the peak.
- Short-term supports are aligned with Fibonacci retracement zones.
- The key demand zone lies between 0.6520–0.6500.
🔹 Main Scenario (Bullish – Preferred)
- After a corrective pullback, another bullish push could follow.
- Entry (Buy): Near 0.6550–0.6520 (on retracement)
- Stop Loss (SL): Below 0.6480
- Targets (TP):
- TP1: 0.6680
- TP2: 0.6694 (recent high)
- TP3: 0.6802 if breakout continues
🔹 Alternative Scenario (Bearish – Less Likely)
- If price breaks and holds below 0.6480, the bullish structure is invalid.
- Downside targets would open toward 0.6420 and possibly 0.6380.
🔹 Signal Summary
📈 Preferred: Buy around 0.6550–0.6520 with SL below 0.6480, TP at 0.6680, 0.6694, 0.6802.
📉 Alternative: Sell only if 0.6480 breaks, targeting 0.6420 and 0.6380
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