Elliott Wave analysis of AUD/USD for January 10, 2014
January 10, 2014 8:30 am
AUD/USD Elliott WaveВ
The AUD/USD pair has been trading in a choppy downward move from the 0.9000 level, while this high holdsВ we are favoring to see more selling pressure in the final wave (v) (coloured red) that is currentlyВ developing. In the 1-hour chart above, you can see that pressure from 0.8952 is to high and we now need toВ look at the impulsive iii wave (coloured blue) as extended wave, break belowВ previousВ low at 0.8875 shouldВ provide us a selling signalВ againstВ 0.8952 (swing traders can use 0.9000 for stops) and we are going toВ look for few more days of the downward movements in this major currency.In accordance with our wave rulesВ and taking into account that wave 3 should retrace 161.8% of wave 1, we can define the potential targetsВ with measuring wave 1 with take profit at 0.8768 (161.8% of wave 1).
Proceeding from Elliot Wave rules today, the trend is expected to begin downward movements. That isВ why short positions at 0.8875 with stop loss at 0.8952 and take profit at 0.8768 are recommended.В В
The material has been provided by InstaForex Company – www.instaforex.com
AUD/USD Elliott WaveВ
The AUD/USD pair has been trading in a choppy downward move from the 0.9000 level, while this high holdsВ we are favoring to see more selling pressure in the final wave (v) (coloured red) that is currentlyВ developing. In the 1-hour chart above, you can see that pressure from 0.8952 is to high and we now need toВ look at the impulsive iii wave (coloured blue) as extended wave, break belowВ previousВ low at 0.8875 shouldВ provide us a selling signalВ againstВ 0.8952 (swing traders can use 0.9000 for stops) and we are going toВ look for few more days of the downward movements in this major currency.In accordance with our wave rulesВ and taking into account that wave 3 should retrace 161.8% of wave 1, we can define the potential targetsВ with measuring wave 1 with take profit at 0.8768 (161.8% of wave 1).
Support and ResistanceВ
(S3) 0.8823 (S2) 0.8843 (S1) 0.8871 (PP) 0.8891 (R1) 0.8919 (R2) 0.8939 (R3) 0.8967В
Trading forecastВ
Proceeding from Elliot Wave rules today, the trend is expected to begin downward movements. That isВ why short positions at 0.8875 with stop loss at 0.8952 and take profit at 0.8768 are recommended.В В
The material has been provided by InstaForex Company – www.instaforex.com
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