Jump to content

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

Recommended Posts

AUDUSD Elliott Wave Analysis Trading Lounge Day  Chart, 22 January 24

Australian Dollar/U.S.Dollar (AUDUSD) Day Chart

AUDUSD Elliott Wave Technical Analysis

Function:   Trend

Mode: impulsive

Structure: Subwaves 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 Day Chart" dated 22 January 24, provides a comprehensive analysis of the Australian Dollar/U.S. Dollar (AUDUSD) currency pair using Elliott Wave theory. Elliott Wave analysis is a technical approach that seeks to identify repetitive wave patterns in financial markets to forecast potential future price movements.

The identified "Function" in this analysis is "Trend," indicating a primary focus on understanding and capturing the prevailing direction of the market. The emphasis is on identifying and riding the impulsive waves that represent strong and directional price movements.

The declared "Mode" is "Impulsive," suggesting that the market is currently in a phase characterized by strong, directional moves. Impulsive waves typically consist of five sub waves, labeled 1, 2, 3, 4, 5, with waves 1, 3, and 5 representing the directional phases.

The recognized "Structure" involves the examination of "Sub Waves of black wave 3." This implies a detailed analysis of the internal sub waves within the larger structure of black wave 3, providing a more nuanced understanding of the ongoing trend.

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

In terms of "Direction Next Higher Degrees," the focus is on the expected initiation of "black wave 3 (started)." This suggests that the analyst anticipates the commencement of the third major wave within the larger degree structure.

The "Details" section highlights that "black wave 2 looking completed at 0.65239," indicating the conclusion of the second corrective wave within the broader trend. The implication is that the market is transitioning into the impulsive phase of black wave 3.

The "Wave Cancel invalid level" is identified as "0.62738." This level serves as a crucial reference point, indicating that a breach of this level could invalidate the current wave count, necessitating a reassessment of the analysis and potentially signaling a change in the anticipated market direction.

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

Technical Analyst : Malik Awais





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

    • With the CryptoSpace evolving everydayy, a plethora of ways also trump up for users to earn and have fun alongside. Some of these events are my favourites. I have participated in a couple of them and the potential to earn therefrom is immense.  Just recently, I came across an event on Bitget for its users to earn passively as well as an opportunity to spin the wheel to win an all expense tour to Santorini island. The criteria for participating in this is relatively simple, you just need to make a net deposit of over 100 USDT and maintain the amount for a day. Depositing greater sums like $500 USDT, 1000 USDT and 1 BTC can further your chances of winning. The more tasks completed, the more spins a participant may have. The event is exclusively restricted to users from the; United Kingdom, Canada, Australia/DACH, French, Italian, Netherlands, Sweden and Poland region. The total prize pool is $50,000 based on FCFS serve basis. This sounds too good to look away from.
    • Still the silence is deafening in here. When will this happen?  it have moved most my Trading Capital to another broker who does support Trading veiw Does the deal with Tastytrade have something to do with this lack of progress?  
    • Well to me I feel that the  crypto market values transparency and reliable services. And Bitget has embraced this approach, attracting a large following,gaining up to 1.4million twitter followers,. Recent data shows significant growth in trading volume, solidifying its position in the market.  The exchanges  focus on user protection and satisfaction has fostered a loyal community. As the platform continues to evolve, its value may continue to grow. What are your thoughts on the importance of value in crypto, and what do you see as Bitget's future potential?
  • Create New...