AUD/USD Elliott wave For the last few days the AUD/USD pair has been trading downwards, impulsive wave 1 (coloured blue) of the bigger wave C (coloured green) has finished developing. Yesterday, during the Asian and European session we could observe descending movement from 1.0284 towards the 1.0221 level and we can consider this move as the end of the impulsive wave 1 (coloured blue). Therefore, during the New York session when developing of the wave 2 started to push this currency pair higher, the price reached a 1.0261 level. At the moment, the AUD/USD pair is trading around 1.0250 level and we are expecting to see the price above 1.0320 level in the next few sessions. 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) 1.0154 (S2) 1.0188 (S1) 1.0217 (PP) 1.0251 (R1) 1.0280 (R2) 1.0314 (R3) 1.0343
Trading forecast Proceeding from Elliott wave rules today, the trend is expected to begin the upwards movement. That is why long positions at level 1.00260 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
For the last few days the AUD/USD pair has been trading downwards, impulsive wave 1 (coloured blue) of the bigger wave C (coloured green) has finished developing. Yesterday, during the Asian and European session we could observe descending movement from 1.0284 towards the 1.0221 level and we can consider this move as the end of the impulsive wave 1 (coloured blue). Therefore, during the New York session when developing of the wave 2 started to push this currency pair higher, the price reached a 1.0261 level. At the moment, the AUD/USD pair is trading around 1.0250 level and we are expecting to see the price above 1.0320 level in the next few sessions. 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) 1.0154 (S2) 1.0188 (S1) 1.0217 (PP) 1.0251 (R1) 1.0280 (R2) 1.0314 (R3) 1.0343
Trading forecast
Proceeding from Elliott wave rules today, the trend is expected to begin the upwards movement. That is why long positions at level 1.00260 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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