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Australian Dollar/U.S.Dollar  (AUDUSD)  Day Chart Elliott Wave Technical Analysis 02 August 23

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AUDUSD Elliott Wave Analysis Trading Lounge Day Chart, 02 August 23
Australian Dollar/U.S.Dollar  (AUDUSD)  Day Chart
AUDUSD Elliott Wave Technical Analysis
Function: counter Trend
Mode: impulsive
Structure: Subwave 5 of C
Position: Black Wave 2  
Direction Next Higher Degrees: wave (3 ) of Motive  
Details: Blue wave 5 of C of corrective Black wave 2 in Play. Black Wave “2” end  above 0.64581 likely at fib level 78.60. New up trend for Black 3rd wave confirmation level at 0.67397. Wave Cancel invalid level: 0.64581
On 2nd August 23, the day chart of the Australian Dollar/U.S. Dollar (AUDUSD) pair is subjected to Elliott Wave analysis, indicating a counter-trend movement with an impulsive mode. The function of the price movement is identified as counter-trend, while the mode is characterized as impulsive.
The current structure is recognized as Subwave 5 of C, with the position of the price wave designated as Black Wave 2. The projected direction for the next higher degrees is wave (3) of a larger Motive wave pattern.
The analysis provides further details, suggesting that Blue wave 5 of C, which is part of the corrective Black wave 2, is currently in play. Traders and investors are advised to closely monitor the market, as Black Wave 2 is expected to conclude above the level of 0.64581, likely around the Fibonacci level of 78.60.
It is essential to note that the wave count provided will lose its validity if the AUDUSD price falls below the level of 0.64581.
As of the specified date, 2nd August 23, traders in the AUDUSD market should closely observe the counter-trend impulsive movement and wait for confirmation of the end of Black Wave 2 before considering potential trading opportunities. Counter-trend trading involves higher risks, and traders should exercise caution and implement effective risk management practices.
The analysis also suggests the potential for a new uptrend to begin after the completion of Black Wave 2. Confirmation for the start of Black Wave 3 is expected at the level of 0.67397. This implies the possibility of a strong upward directional move in the AUDUSD market once the corrective phase concludes.
While Elliott Wave analysis provides valuable insights into potential market patterns and price movements, traders should supplement it with other technical indicators and fundamental factors to form a comprehensive trading strategy. Market conditions can change rapidly due to various factors, including economic data releases, geopolitical events, and shifts in market sentiment. Therefore, traders should remain attentive and adaptable to changing market conditions.
Proper risk management practices are essential in all trading endeavors to protect capital and manage potential losses. By staying informed and utilizing a well-rounded approach to trading, traders can make more informed decisions and enhance their trading performance in the dynamic foreign exchange markets.
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