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Elliott Wave Analysis of AUD/USD for January 23, 2014
January 23, 2014 8:30 amVideo
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AUD/USD Elliott Wave
Since our last analyses the AUD/USD pair has been trading upward, corrective wave ii (coloured blue)has completed the cycle from 0.8755 at the 0.8887 level, and we should see more downward movements inthis iii wave that is currently developing. In the 1-hour chart we can see that after the flat patternin the ii wave we have the strong sell-off in the AUD/USD, now while the price stays below the last high atthe 0.8887 we are going to look for a selling opportunity in this pair. In accordance with our waverules and taking into account that wave 3 should retrace minimum 100% of wave 1, we can define thepotential targets with measuring wave 1 with take profit at 0.8558 (100% of wave 1). The RSI indicatorshould provide a divergence at the end of the iii wave, so if we see a 5 wave move and divergence onthe 1-hour chart we are going to close our shorts before we see price at the 0.8558 level.
Support and Resistance
(S3) 0.8694, (S2) 0.8740, (S1) 0.8796, (PP) 0.8842, (R1) 0.8898, (R2) 0.8944, (R3) 0.9000.
Trading forecast
Proceeding from Elliot Wave rules today, the trend is expected to begin the downward movements. That iswhy short positions at the level of 0.8810 with stop loss at 0.8887 and take profit at 0.8558 arerecommended.
The material has been provided by InstaForex Company – www.instaforex.com
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