23rd September 2024 (AUDUSD) Currency Pair Upward Trend
Current Market Conditions:
The AUDUSD pair is in the midst of an impulsive bullish wave structure, currently in the corrective Wave (4) phase. The market is trading within a well-defined upward trend channel, with a clear sequence of higher highs and higher lows.
Key Technical Levels:
Support: The primary support is located at 0.6765, which corresponds to the 38.2% Fibonacci retracement of the prior impulse wave. A break below this level could invalidate the bullish structure.
Resistance: The key resistance stands at 0.6962, representing the 61.8% Fibonacci retracement. A successful break above this level would confirm the completion of Wave (4) and signal the continuation of the broader uptrend.
Invalidation Point: The crucial level to watch is 0.6715, which is the 61.8% Fibonacci retracement of the previous impulse wave. A sustained break below this point would invalidate the current bullish thesis.
Expectations for the Next 2 Weeks:
Consolidation and Retracement: In the next two weeks, the AUDUSD pair is likely to experience a period of consolidation and retracement as it completes Wave (4) of the larger bullish impulse.
Breakout Scenario: If the price manages to break above the 0.6962 resistance level, it would confirm the completion of Wave (4) and the start of Wave (5), potentially leading to further upside.
Invalidation Risk: Traders should closely monitor the 0.6715 invalidation point, as a breakdown below this level would suggest a more substantial corrective phase and a reassessment of the market structure.
Conclusion:
The AUDUSD pair is expected to navigate a period of consolidation and potential retracement in the next two weeks as it completes the Wave (4) corrective phase. Traders should keep a close eye on the key support and resistance levels, as a successful breakout above 0.6962 could signal the continuation of the broader bullish trend. However, a breakdown below the 0.6715 invalidation point would warrant a reevaluation of the market outlook.
The AUDUSD pair is in the midst of an impulsive bullish wave structure, currently in the corrective Wave (4) phase. The market is trading within a well-defined upward trend channel, with a clear sequence of higher highs and higher lows.
Key Technical Levels:
Support: The primary support is located at 0.6765, which corresponds to the 38.2% Fibonacci retracement of the prior impulse wave. A break below this level could invalidate the bullish structure.
Resistance: The key resistance stands at 0.6962, representing the 61.8% Fibonacci retracement. A successful break above this level would confirm the completion of Wave (4) and signal the continuation of the broader uptrend.
Invalidation Point: The crucial level to watch is 0.6715, which is the 61.8% Fibonacci retracement of the previous impulse wave. A sustained break below this point would invalidate the current bullish thesis.
Expectations for the Next 2 Weeks:
Consolidation and Retracement: In the next two weeks, the AUDUSD pair is likely to experience a period of consolidation and retracement as it completes Wave (4) of the larger bullish impulse.
Breakout Scenario: If the price manages to break above the 0.6962 resistance level, it would confirm the completion of Wave (4) and the start of Wave (5), potentially leading to further upside.
Invalidation Risk: Traders should closely monitor the 0.6715 invalidation point, as a breakdown below this level would suggest a more substantial corrective phase and a reassessment of the market structure.
Conclusion:
The AUDUSD pair is expected to navigate a period of consolidation and potential retracement in the next two weeks as it completes the Wave (4) corrective phase. Traders should keep a close eye on the key support and resistance levels, as a successful breakout above 0.6962 could signal the continuation of the broader bullish trend. However, a breakdown below the 0.6715 invalidation point would warrant a reevaluation of the market outlook.
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