AUD/USD Elliott Wave Since our last analysis the AUD/USD pair has been trading downwards, just like we expected, impulsive wave 1 (coloured blue) of the bigger wave (C) (coloured green) has been developing. During the Wednesday’s Asian and European session we could observe descending movement from 1.0380 towards the 1.0322 level. Therefore, during the New York session this major currency has continued trading in a bullish mood and price has reached a new low at 1.0265 level. We can consider this move as the end of the impulsive sub-wave (3) (coloured green) of the wave 1 (coloured blue). At the moment the AUD/USD pair is trading around 1.0227 area and we are expecting to see retrace back to 1.0300 level in the next few hours. In accordance with our wave rules and taking into account that wave 2 should retrace 61.8% of wave 1, we can define the potential targets with measuring wave 1 with take profit at 1.0323 (61.8% of wave 1). To reduce the risk, we can use support point at 1.0200 level as stop loss. Support and resistance (S3) 1.0116 (S2) 1.0190 (S1) 1.0233 (PP) 1.0307 (R1) 1.0350 (R2) 1.0424 (R3) 1.0467 Trading forecast Proceeding from Elliott Wave rules today, the trend is expected to begin the upwards movement. That is why long positions at level 1.0245 with stop loss at 1.0200 and take profit at 1.0323 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
AUD/USD Elliott Wave
Since our last analysis the AUD/USD pair has been trading downwards, just like we expected, impulsive wave 1 (coloured blue) of the bigger wave (C) (coloured green) has been developing. During the Wednesday’s Asian and European session we could observe descending movement from 1.0380 towards the 1.0322 level. Therefore, during the New York session this major currency has continued trading in a bullish mood and price has reached a new low at 1.0265 level. We can consider this move as the end of the impulsive sub-wave (3) (coloured green) of the wave 1 (coloured blue). At the moment the AUD/USD pair is trading around 1.0227 area and we are expecting to see retrace back to 1.0300 level in the next few hours. In accordance with our wave rules and taking into account that wave 2 should retrace 61.8% of wave 1, we can define the potential targets with measuring wave 1 with take profit at 1.0323 (61.8% of wave 1). To reduce the risk, we can use support point at 1.0200 level as stop loss.
Support and resistance
(S3) 1.0116 (S2) 1.0190 (S1) 1.0233 (PP) 1.0307 (R1) 1.0350 (R2) 1.0424 (R3) 1.0467
Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upwards movement. That is why long positions at level 1.0245 with stop loss at 1.0200 and take profit at 1.0323 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
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