AUD/USD Elliott Wave For the last few days the AUD/USD pair has been trading downwards, impulsive wave 3 (coloured blue) of the bigger wave (C) (coloured green) has been developing. During the Monday’s Asian and European sessions we could observe descending movement from 1.0310 towards the 1.0263 level. Therefore, during the New York session this currency pair has continued trading in a bearish mood and the price fell to the new low at 1.022 level. We can consider this move as the end of the wave (1) (coloured green) of the bigger wave 3 (coloured blue). At the moment the AUD/USD pair is trading around 1.0175 and we expect to see the price around 1.0100 in the next two sessions. In accordance with our wave rules and taking into account that the wave 3 should retrace 161.8% of the waves 1, we can define the potential targets with measuring wave 1 with take profit at 1.0095 (161.8 % of wave 1). To reduce the risk, we can use resistance at 1.0250 as stop loss. Support and Resistance (S3) 1.0122 (S2) 1.0172 (S1) 1.0211 (PP) 1.0261 (R1) 1.0300 (R2) 1.0350 (R3) 1.0389 Trading forecast Proceeding from Elliott Wave rules today, the trend is expected to begin the downwards movement. That is why short positions at level 1.0165 with stop loss at 1.0250 and take profit at 1.0095 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 3 (coloured blue) of the bigger wave (C) (coloured green) has been developing. During the Monday’s Asian and European sessions we could observe descending movement from 1.0310 towards the 1.0263 level. Therefore, during the New York session this currency pair has continued trading in a bearish mood and the price fell to the new low at 1.022 level. We can consider this move as the end of the wave (1) (coloured green) of the bigger wave 3 (coloured blue). At the moment the AUD/USD pair is trading around 1.0175 and we expect to see the price around 1.0100 in the next two sessions. In accordance with our wave rules and taking into account that the wave 3 should retrace 161.8% of the waves 1, we can define the potential targets with measuring wave 1 with take profit at 1.0095 (161.8 % of wave 1). To reduce the risk, we can use resistance at 1.0250 as stop loss.
Support and Resistance
(S3) 1.0122 (S2) 1.0172 (S1) 1.0211 (PP) 1.0261 (R1) 1.0300 (R2) 1.0350 (R3) 1.0389
Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downwards movement. That is why short positions at level 1.0165 with stop loss at 1.0250 and take profit at 1.0095 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
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