Jump to content

Australian Dollar/U.S.Dollar (AUDUSD) Day Chart Elliott Wave Technical Analysis 6 October 23


Recommended Posts

AUDUSD Elliott Wave Analysis Trading Lounge Day  Chart, 6 October 23
Australian Dollar/U.S.Dollar (AUDUSD) Day Chart
AUDUSD Elliott Wave Technical Analysis
Function:  Trend
Mode: impulsive
Structure: 1 of red wave 3
Position:  Red wave 3
Direction Next Higher Degrees: Main Red wave 3 (started)
Details:  blue wave 5 of C of 2 looking completed at 0.62854,now a new trend may start .  Wave Cancel invalid level:  0.62861
 
The AUDUSD Elliott Wave Analysis for 6 October 23 focuses on the daily chart of the Australian Dollar/U.S. Dollar (AUDUSD) currency pair, employing Elliott Wave theory to provide insights into potential market movements.
 
The chosen function for this analysis is "Trend," indicating an exploration of the current market direction. Traders often rely on trend analysis to identify and capitalize on prevailing market momentum.
 
The analysis is conducted in "impulsive" mode, which suggests a focus on identifying and interpreting impulsive waves within the Elliott Wave structure. Impulsive waves are characterized by strong, directional price movements.
 
The primary structural component under examination is "1 of red wave 3." This signifies a detailed analysis of the first wave within the broader red wave 3 sequence. Elliott Wave theory relies on the identification and interpretation of wave patterns, and here, the analysis delves into understanding the initial movements within the red wave 3.
 
Regarding the position in the market, the analysis centers on "Red wave 3," indicating a thorough investigation of the third wave within the red wave sequence. This level of detail is crucial for traders seeking to make informed trading decisions within the context of this wave.
 
The provided directional insight highlights that "Main Red wave 3 (started)," emphasizing the commencement of the primary red wave 3. This is of significant interest to traders as it marks the initiation of a new trend.
 
The analysis places substantial emphasis on the fact that "blue wave 5 of C of 2" is approaching completion, with a potential endpoint identified at 0.62854. This information holds importance for

 
traders as it suggests the possibility of a new trend emerging once this corrective wave concludes.
 
The "Wave Cancel invalid level" is pinpointed at 0.62861, serving as a reference point for traders. It helps in assessing the validity of trade setups and managing risk effectively.
 
In summary, the AUDUSD Elliott Wave Analysis for 6 October 23 adopts a trend-oriented approach, with a particular focus on the initiation of the main red wave 3. Traders are advised to closely monitor the conclusion of the blue wave 5 of C of 2, as it may indicate the onset of a new trend in the AUDUSD currency pair. This analysis provides valuable insights for traders looking to align their positions with the evolving dynamics of the market.
 
Technical Analyst : Malik Awais
 
audusddaychart.thumb.png.5038c056fd7595c1dd8cfbea88813aab.png
Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • image.png

  • Posts

    • The gaming industry is one of the industries that has effectively leveraged the efficiency of blockchain technology to drive growth. A fiercely competitive sector, it takes unique innovative Ideas to stand out. When analysing the chances of infant GameFi projects to reach the heights, one project seems to have staked a claim to be soon held in the same breath as the leading projects– Param Labs. Param Labs, an AAA game and blockchain development studio is dedicated to creating top-tier blockchain-integrated games with player-owned digital assets, and is developing a modular gaming ecosystem, comprised of games and infrastructure.  Already a trending project thanks to the widespread participation of its airdrop, Param has gone on to strike partnership with Animoca Brands, a frontrunner for advancing digital property rights within gaming and the open metaverse; highlighting its wildfire-esque spread. While the buzzing community anticipate their airdrop reward, the news that it will launch on Bitget on 29th May amongst other exciting listings has spiked the anticipation. If you can relate, how excited are you with the imminent launch and what Param Labs brings to the gaming industry generally?
    • Hey all, as some of you know, I've been reviewing quite a few new crypto projects lately and breaking down what they're about and the problems they aim to solve. Today, I'll be doing the same for a platform called HiveSwap. HiveSwap is a decentralized exchange operating specifically within the Bitcoin ecosystem. It utilizes the MAP Protocol to enable interoperability and facilitate seamless token swaps across Bitcoin's various layers - the base layer, layer 2 networks, and the MAP interoperability layer itself. A major selling point is HiveSwap's ability to bridge the gap and allow swaps between Bitcoin ecosystem assets and those from major EVM chains like Ethereum, BNB Chain, Polygon, and more. This cross-chain functionality is huge. The platform is also tackling liquidity issues for emerging asset classes like inscriptions and BTC-related tokens. HiveSwap provides a decentralized avenue for swapping these types of assets and creating liquidity pools, rather than being confined to centralized venues. With its robust underlying swap technology framework, HiveSwap ensures reliability and security for users contributing liquidity. It also incentivizes liquidity provision through liquidity mining rewards paid out in tokens. Overall, HiveSwap is positioning itself as the leading decentralized exchange within the Bitcoin realm. It's solving key interoperability challenges, bringing much-needed liquidity to newer assets, and leveraging proven tech for secure, trustless cross-chain/cross-layer swaps. HiveSwap is bridging multiple gaps in Bitcoin DeFi.
    • For those who love memecoins, there's an exciting new project called RUNES•X•BITCOIN that's worth checking out.    It's a meme coin developed using the Runes protocol on Bitcoin's blockchain. The "X" theme is a clever reference to Elon Musk and the idea of limitless possibilities.   But what makes it truly unique is that it's 100% decentralized and community-driven. The entire token supply was airdropped for free to anyone holding assets with the letter "X" in the name or ticker.   So if you had X domains, X NFTs, or BRC20 tokens containing X, you automatically received free RUNES•X•BITCOIN tokens. How's that for decentralized distribution?   The project has already exploded in popularity. Over 100,000 addresses now hold this Rune, making it the biggest one by that metric. And get this – the market cap skyrocketed from $2.1 million at launch to over $13 million! Insane growth. If you're looking to get involved, I heard Bitget has a series of events planned for this project, so you might want to check those out.   Some other key highlights: - The Rune code 110# seems to have a hidden meaning  - It utilizes cutting-edge Runes tech built on Bitcoin's UTXO model for fungible tokens - Fully decentralized, with no central control   RUNES•X•BITCOIN is bringing meme culture and community experience to Bitcoin in an innovative, decentralized way. While it might be considered a legitimateshitcoin, the concept and crazy early traction are certainly wild! It's definitely a project worth keeping tabs on in the BTC space.
×
×
  • Create New...
us