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AUDUSD Elliott Wave Analysis Trading Lounge 4 Hour Chart, 20 November 2023Australian Dollar/U.S.Dollar (AUDUSD) 4 Hour ChartAUDUSD Elliott Wave Technical AnalysisFunction: TrendMode: impulsiveStructure: Red wave 3 of 3Position: Blue wave 3Direction Next Higher Degrees: red wave 3 of 3(continue)Details: red corrective wave 2 looking completed at 0.64528 . Now red wave 3 of 3 is in play . Wave Cancel invalid level: 0.63402The “AUDUSD Elliott Wave Analysis Trading Lounge 4 Hour Chart” dated 20 November 23, presents a detailed analysis of the Australian Dollar/U.S. Dollar (AUDUSD) currency pair on a 4-hour timeframe, utilizing Elliott Wave theory. The objective of this analysis is to provide traders with insights into potential price movements in the short to medium term.The identified “Function” is labeled as “Trend,” suggesting that the focus of the analysis is on identifying and riding the existing trend. In this case, the market is expected to be in an impulsive phase, characterized by strong and directional price movements.The “Mode” is described as “Impulsive,” indicating that the current market conditions are conducive to sustained and directional price movements. Impulsive waves are typically associated with the dominant trend, providing traders with opportunities to participate in strong and persistent price trends.The “Structure” is identified as “Red wave 3 of 3.” This implies that the analysis is focused on a specific sub-wave within the Elliott Wave sequence, namely the third impulsive wave of a larger third wave.The “Position” is specified as “Blue wave 3,” signifying that within the identified Red wave 3, the focus is on the internal movements labeled as Blue wave 3.Regarding the “Direction Next Higher Degrees,” the analysis points to “Red wave 3 of 3 (continue).” This suggests that the expectation is for the continuation of the third impulsive wave, indicating a strong and persistent uptrend.In terms of “Details,” the report notes that “red corrective wave 2 looking completed at 0.64528. Now red wave 3 of 3 is in play.” This provides traders with information about the completion of a corrective phase and the initiation of a new impulsive wave.The “Wave Cancel invalid level” is set at 0.63402, serving as a critical reference point. A breach of this level could invalidate the current wave count, prompting traders to reassess their analysis and potential trading strategies.In summary, the AUDUSD Elliott Wave Analysis on the 4-hour chart indicates a strong impulsive phase, specifically Red wave 3 of 3. Traders are advised to focus on the continuation of this trend, with the specified invalidation level providing a reference point 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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