Elliott Wave Analysis of AUD/USD for February 11, 2014
February 11, 2014 8:05 am
AUD/USD Elliott Wave
The AUD/USD pair has started this week higher, impulsive wave (v) (coloured black) of the bigger wave [i] (coloured green) has been developing. Yesterday, at the early London session, we could observe strong ascending movements from the 0.8900 level that we labeled as the end of the (v) wave. Wave [i] should end today around 0.9075 level – 100% of the wave 5 equal wave 1, and this can offer us a fresh selling signal signal for the [ii] wave against the 0.9150 level.In accordance with our wave rules and taking into account that wave 2 should retrace 50% of wave 1, we can define the potential targets with measuring wave 1 with take profit at 0.8866 (50% of wave 1).Swing traders should wait for a pullback in the [ii] wave before they can join the buyers that should appear in this major pair soon.
Proceeding from Elliot Wave rules today, the trend is expected to begin the downward movements. That is why short position at level of 0.9075 with stop loss at 0.9150 take profit at 0.8866 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
AUD/USD Elliott Wave
The AUD/USD pair has started this week higher, impulsive wave (v) (coloured black) of the bigger wave [i] (coloured green) has been developing. Yesterday, at the early London session, we could observe strong ascending movements from the 0.8900 level that we labeled as the end of the (v) wave. Wave [i] should end today around 0.9075 level – 100% of the wave 5 equal wave 1, and this can offer us a fresh selling signal signal for the [ii] wave against the 0.9150 level.In accordance with our wave rules and taking into account that wave 2 should retrace 50% of wave 1, we can define the potential targets with measuring wave 1 with take profit at 0.8866 (50% of wave 1).Swing traders should wait for a pullback in the [ii] wave before they can join the buyers that should appear in this major pair soon.
Support and Resistance
(S3) 0.8865, (S2) 0.8885, (S1) 0.8917, (PP) 0.8937, (R1) 0.8969, (R2) 0.8989, (R3) 0.9021.
Trading forecast
Proceeding from Elliot Wave rules today, the trend is expected to begin the downward movements. That is why short position at level of 0.9075 with stop loss at 0.9150 take profit at 0.8866 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
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