Jump to content

Australian Dollar/U.S.Dollar (AUDUSD) Day Chart Elliott Wave Technical Analysis 15 February 24

Recommended Posts

AUDUSD Elliott Wave Analysis Trading Lounge Day  Chart, 15 February 24

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

AUDUSD Elliott Wave Technical Analysis

FUNCTION:   Counter Trend as wave 2

MODE: Corrective

STRUCTURE: blue wave C of 2

POSITION:  Red wave 3


DETAILS: blue wave C of 2  is in play and looking near to end as ending diagonal diagonal  . Wave Cancel invalid level: 0.62707

The "AUDUSD Elliott Wave Analysis Trading Lounge Day Chart" dated 15 February 24, delves into the intricate dynamics of the Australian Dollar/U.S. Dollar (AUDUSD) currency pair, utilizing Elliott Wave theory. Focused on the daily chart, this analysis provides a comprehensive understanding of potential price movements for traders seeking strategic insights.

The identified "FUNCTION" is "Counter Trend as wave 2," indicating that the analysis is primarily concerned with a corrective phase within the broader market trend. This insight is crucial for traders looking to navigate potential reversals or continuations in the market.

The specified "MODE" is "Corrective," signaling that the market is currently undergoing a corrective wave. Corrective waves are essential in understanding temporary price movements that deviate from the primary trend, providing traders with opportunities for strategic decision-making.

The described "STRUCTURE" is "blue wave C of 2," detailing a specific Elliott Wave pattern in progress. The analysis suggests that blue wave C of 2 is currently in play and is approaching its culmination, with a notable emphasis on it manifesting as an "ending diagonal diagonal." Ending diagonals are motive waves characterized by overlapping price movements and typically signal a forthcoming trend reversal.

The designated "POSITION" is "Red wave 3," revealing the current position within the Elliott Wave hierarchy. This information aids traders in situating the market within the broader wave count, contributing to a comprehensive understanding of potential trade setups.

Concerning "DIRECTION NEXT HIGHER DEGREES," the analysis points to "black wave 3," indicating the expected direction of the next higher-degree wave. This hierarchical perspective is instrumental in providing traders with a holistic view of potential future price movements.

In the "DETAILS" section, it is emphasized that "blue wave C of 2" is currently in play and is reaching its conclusion, particularly as an ending diagonal. Additionally, a critical "Wave Cancel invalid level" is specified at "0.62707." This level acts as a key reference point, with a breach potentially signaling a shift in the anticipated wave count.

In conclusion, the AUDUSD Elliott Wave Analysis for the daily chart on 15 February 24, indicates the presence of a corrective phase (wave 2), specifically within blue wave C of 2, and underscores the significance of an ending diagonal pattern. Traders are advised to closely monitor the market, particularly the specified invalidation level at 0.62707, for potential shifts in market dynamics.

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

    • I have not been a fan of either of exchanges and wallets native tokens but would wanna explore it now. I took interest from the current hype around BNB, OKB and BGB. These tokens particularly BNB and BGB has shown strength which is obviously due to increase in demand to take part in the most of the launchpool. BNB rose almost 80% in the past 1 year, BGB was on the spotlight with about 190% in a year. OKB may not be left out due to it's potential but has made any significant movement recently. Wallet tokens on the hand have also been doing well but may not be compared to Centralized exchanges imho; I have also monitored few wallet particularly trust wallet and C98 wallet. My best guess is we could be seeing the wallet tokens making impressive price action as we approach post halving due to increase in transactions and I wonder if any one here is considering the prospect BWB token for Bitget wallet. Launching pretty soon and airdrop participation in play. I would appreciate your speculative opinion on it potentials.
    • In the realm of cryptocurrency exchanges, playing by the rules isn’t just a suggestion—it’s a must for staying in the game. Most major centralized exchanges (CEXs) strive to adhere to these regulations, implementing measures to prevent money laundering and illicit activities. However, a recent controversy has emerged with BingX, a top CEX, defying US sanctions by allowing Iranian users full access to its platform. BingX facilitates Iranian Rial trading, directly violating US sanctions. They allow Iranian users to trade cryptocurrencies without KYC verification. This, along with offering peer-to-peer (P2P) transactions using Iranian fiat currency, further raises red flags. This incident is reminiscent of the past troubles faced by giants like Binance, who were caught facilitating transactions for sanctioned individuals, resulting in a $4.5 billion plea deal with US authorities in 2023. The question remains: will this defiance by BingX lead to its downfall? Regulatory bodies in the US, like the SEC or DOJ, might take action.However, the severity of the situation raises questions about the long-term viability of the exchange and whether it may face the prospect of closure or severe penalties for its actions. As governments grapple with the complexities of digital assets, CEXs that prioritize expansion over compliance will likely face increasing scrutiny and potential consequences.  
    • The exchange continues to offers it's  users significant opportunities through its ecosystem products like PoolX and Launchpool. By participating in these platforms, users can benefit from various services such as staking, liquidity mining, and accessing new project opportunities. PoolX enables users to stake their assets and earn rewards through flexible investment options. Launchpool provides users with the chance to participate in early-stage project offerings. Overall, engaging with Bitget ecosystem products can diversify investment portfolios and facilitate exposure to new and promising projects in the crypto space.
  • Create New...