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AUDUSD Elliott Wave Analysis Trading Lounge 4Hour Chart, 20 July 2023.

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

AUDUSD Elliott Wave Technical Analysis

Function:  Trend

Mode: impulsive

Structure: Subwave 5 of Blue wave 3

Position: Black Wave 3

Direction Next Higher Degrees: wave (5 of 3) of Motive

Details: Subwave Wave “4” completed at  0.67499. Now red wave 5 in play, started with strong move. Subwave Wave “5 of 3”  is likely to end at fib level 3.618. Wave Cancel invalid level: 0.67010

On 20th July 2023, the 4-hour chart of the Australian Dollar/U.S. Dollar (AUDUSD) pair is subjected to Elliott Wave analysis, revealing an impulsive trend in the market. The function of the price movement is considered to be a trend, characterized by its impulsive mode.

The current structure is identified as Subwave 5 of Blue wave 3, with the AUDUSD pair's position designated as Black Wave 3. The projected direction for the next higher degrees is wave (5 of 3) of a larger Motive wave pattern.

The analysis provides further details indicating that Subwave Wave "4" has already completed its corrective phase, reaching the level of 0.67499. At present, the market is engaged in a strong move characterized as red wave 5. Traders and investors are advised to closely monitor this wave as it is expected to conclude at the Fibonacci level of 3.618.

It is essential to acknowledge that the provided wave count will lose its validity if the AUDUSD price falls below the level of 0.67010.

As of the specified date, 20th July 2023, traders in the AUDUSD market should be attentive to the ongoing impulsive trend and the potential development of red wave 5. Impulsive waves often present favorable trading opportunities due to their strong momentum and directional bias. However, it is crucial to practice proper risk management and validate the Elliott Wave analysis with other technical indicators and fundamental factors before making trading decisions.

While Elliott Wave analysis provides valuable insights into market patterns and potential price movements, it is not a foolproof method. Financial markets are influenced by a multitude of factors, and combining various forms of analysis can enhance the accuracy and reliability of trading strategies. As such, traders should adopt a comprehensive approach to trading, considering both technical and fundamental factors to gain a well-rounded understanding of the AUDUSD market's current and future movements.

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