AUD/USD analysis for August 19, 2013
August 19, 2013 6:15 amVideo
Latest News
- Analysis of EUR/USD pair on May 31st. EU inflation supports the euro May 31, 2024
- Analysis of GBP/USD pair on May 31st. The PCE index also works against the dollar May 31, 2024
- USD/JPY: Simple trading tips for novice traders on May 31st (US session) May 31, 2024
- GBP/USD: Simple trading tips for novice traders on May 31st (US session) May 31, 2024
- Technical Analysis – US 100 stock index might lose more in short-term May 31, 2024
- EUR/USD: Simple trading tips for novice traders on May 31st (US session) May 31, 2024
- GBP/USD: trading plan for the US session on May 31st (analysis of morning deals). The pound was bought in the area of 1.2706 May 31, 2024
- EUR/USD: trading plan for the US session on May 31st (analysis of morning deals). The euro continued to grow May 31, 2024
- EUR/USD. May 31st. The economic data stopped the bears again May 31, 2024
- GBP/USD. May 31st. Bears remain weak and the pound rises alongside euro May 31, 2024
- Weekly Forex Outlook: 31/05/2024 – ECB cut might get eclipsed by BoC surprise and NFP May 31, 2024
- Cryptos consolidate as spot Ether ETF excitement fades – Crypto News May 31, 2024
- Technical Analysis – USDJPY may retest 157.70 May 31, 2024
- June forecast: Dollar index poised for growth May 31, 2024
- Week Ahead – ECB rate cut might get eclipsed by BoC surprise and NFP report May 31, 2024
- Forex forecast 05/31/2024: EUR/USD, GBP/USD, USD/JPY and Bitcoin from Sebastian Seliga May 31, 2024
- EUR/USD and GBP/USD: Technical analysis on May 31 May 31, 2024
- Market Comment – US and Eurozone inflation data in focus May 31, 2024
- Technical Analysis – EURGBP stuck around the crucial 0.8500 floor May 31, 2024
- Technical Analysis – USDCAD meets uptrend line again and again May 31, 2024
AUDUSD Elliott wave
During the last week the AUDUSD pair was trading upwards, just like we expected, corrective wave .a (coloured green) of the Y wave developed. During the Friday’s Asian and European sessions we could observe ascending movement from 0.9132 towards the 0.9187 level. Therefore, during the early New York session this major currency continued trading in a bullish mood and we could see the price reaching a new high at the 0.9213 level. Today, the AUDUSD pair has found resistance around the 0.9232 level and we are expecting to see retracement in the .b wave that should be in place right now. In accordance with our wave rules and taking into account that wave B should retrace 61.8% of wave A, we can define the potential targets with measuring wave A with take profit at 0.9126 (61.8% of wave A). To reduce the risk, we can use support point at the 0.9230 level as stop loss.
Support and Resistance
(S3) 0.9042 (S2) 0.9083 (S1) 0.9132 (PP) 0.9173 (R1) 0.9222 (R2) 0.9263 (R3) 0.9312
Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin downward movement. That is why short positions at the level of 0.9200 with stop loss at 0.9230 and take profit at 0.9126 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: