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Elliott Wave Analysis of AUD/USD for January 16, 2014
January 16, 2014 1:45 pmVideo
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AUD/USD Elliott Wave
The AUD/USD pair continued trading downwards yesterday, wave i (coloured blue) of thebigger wave (v) (coloured red) was developing. In the 1-hour chart above you cansee that we are looking at the downward move from the 0.9085 level, as the first extendedwave of the final (v) wave, RSI is showing divergence and that is why we are going tolook for a short-term pullback towards 0.8889 and 0.8926, 50-61,8% of the wave i(coloured blue), before we see more downward reaction in this major pair. Intradaytraders can wait for a break above the 0.8816 level that will give as fresh buyingsignal to catch pullback in the wave ii, and swing traders need to wait 0.8926 before wejoin the sellers in the iii wave. In accordance with our wave rules and taking intoaccount that wave 5 should retrace 161.8% of wave 4, we can define the potential targetswith measuring wave 4 with take profit at 0.8647 (161.8% of wave 4).
Support and Resistance
(S3) 0.8794 (S2) 0.8841 (S1) 0.8877 (PP) 0.8924 (R1) 0.8960 (R2) 0.9007 (R3) 0.9043
Trading forecast
Proceeding from Elliot Wave rules today, the trend is expected to begin the downwardmovements. That is why short positions at level 0.8925 with stop loss at 0.9050 and takeprofit at 0.8647 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
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