Elliott Wave Technical Analysis Day Chart: Australian Dollar/U.S. Dollar – Monday, Nov. 20

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 AUDUSD Elliott Wave Analysis Trading Lounge Day  Chart, 20 November 2023Australian Dollar/U.S. Dollar (AUDUSD) Day ChartAUDUSD Elliott Wave Technical AnalysisFunction:   TrendMode: impulsiveStructure: Blue wave 3 of 1Position:  black wave 1Direction Next Lower Degrees: blue corrective wave 4Details: blue corrective wave 2 completed between fib level 61.80 to 72.60 . Now blue wave 3 is in play . Wave Cancel invalid level: 0.63402The “AUDUSD Elliott Wave Analysis Trading Lounge Day Chart” dated 20 November 23, delves into a detailed examination of the Australian Dollar/U.S. Dollar (AUDUSD) currency pair on a daily timeframe, utilizing Elliott Wave theory as the primary analytical framework. This analysis aims to provide traders with a strategic understanding of potential price movements within the medium to long-term horizon.The identified “Function” is labeled as “Trend,” suggesting that the primary emphasis of the analysis is on identifying and participating in the existing trend. The market is recognized as being in an “Impulsive” phase, indicating a period of sustained and directional price movements.The “Structure” is identified as “Blue wave 3 of 1.” This denotes a specific segment within the broader Elliott Wave sequence, focusing on the third impulsive wave within a larger first wave.The “Position” is specified as “Black wave 1,” highlighting the analysis of internal movements labeled as Black wave 1 within the broader context of Blue wave 3.Regarding the “Direction Next Lower Degrees,” the analysis points to “Blue corrective wave 4.” This indicates an expectation of a corrective wave at a lower degree within the broader Elliott Wave structure, potentially signaling a retracement within the ongoing upward trend.In terms of “Details,” the report notes that the “blue corrective wave 2 completed between the Fibonacci levels 61.80 to 72.60. Now, blue wave 3 is in play.” This communicates the conclusion of a corrective phase and the initiation of a new impulsive wave, reinforcing the bullish sentiment.The “Wave Cancel invalid level” is set at 0.63402, serving as a critical reference point. A breach of this level could challenge the current wave count, prompting traders to reevaluate their analysis and trading strategies.In summary, the AUDUSD Elliott Wave Analysis on the daily chart indicates a robust impulsive phase, specifically Blue wave 3 of 1. Traders are advised to focus on the continuation of this trend, with the specified invalidation level providing a crucial reference for assessing the validity of the current wave count.Technical Analyst: Malik AwaisMore By This Author:Elliott Wave Insights & Strategies – NDX, AAPL, TSLA, AMZN, NVDA, MSFT, META, NFLX, GOOGL
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