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Australian Dollar/U.S.Dollar (AUDUSD) 4 Hour Chart Elliott Wave Technical Analysis 22 January 24


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AUDUSD Elliott Wave Analysis Trading Lounge 4 Hour  Chart, 22 January 24

Australian Dollar/U.S.Dollar (AUDUSD) 4 Hour Chart

AUDUSD Elliott Wave Technical Analysis

Function:   Trend

Mode: impulsive

Structure: Sub Waves of black wave 3

Position:  Red wave 3

Direction Next Higher Degrees: black wave 3(started)

Details:black  wave 2 looking  completed at 0.65239 . Now black wave 3 may be starting . Wave Cancel invalid level: 0.62738

The "AUDUSD Elliott Wave Analysis Trading Lounge 4 Hour Chart" dated 22 January 24, offers a detailed examination of the Australian Dollar/U.S. Dollar (AUDUSD) currency pair using Elliott Wave theory. This technical analysis approach seeks to identify patterns and trends in financial markets based on repetitive wave structures.

The declared "Function" is "Trend," signifying the primary focus on identifying and understanding the prevailing direction of the market. In this context, the analysis aims to capture the ongoing trend in the AUDUSD currency pair.

The identified "Mode" is "Impulsive," which suggests a motive wave in progress. Impulsive waves, labeled as 1, 2, 3, 4, 5, are characterized by strong and directional price movements in the direction of the prevailing trend.

The recognized "Structure" is "Sub Waves of black wave 3." This implies a more granular analysis within the larger structure of black wave 3, suggesting that the analyst is examining the internal sub waves to gain a finer understanding of the ongoing trend.

The "Position" is noted as "Red wave 3," indicating the specific phase within the Elliott Wave count. Black wave 3 is a subwave within the larger structure of Red wave 3.

Regarding "Direction Next Higher Degrees," the emphasis is on the anticipated "black wave 3 (started)." This indicates that the analyst expects the commencement of the third major wave within the larger degree structure.

In the "Details" section, it is highlighted that "black wave 2 looking completed at 0.65239." This signifies the end of the second corrective wave within the broader trend, with the expectation that the market is now transitioning into the impulsive phase of black wave 3.

The "Wave Cancel invalid level" is identified as "0.62738." This level serves as a critical reference point; a breach of this level could invalidate the current wave count, prompting a reevaluation of the analysis and suggesting a potential shift in the anticipated market direction.

In summary, the AUDUSD Elliott Wave Analysis for the 4-hour chart on 22 January 24, indicates an impulsive trend, with the completion of black wave 2 and the potential initiation of black wave 3. Traders are advised to monitor the market closely, with attention to the invalidation level at 0.62738.

Technical Analyst : Malik Awais

 

 

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