Elliott Wave Analysis of AUD/USD for January 28, 2014
January 28, 2014 2:15 pm
AUD/USD Elliott Wave
Since our last analysis the AUD/USD pair has been trading upwards, corrective wave .b (coloured black) of the bigger wave (iii) (coloured blue) has been developing. In the 1-Hour chart we can see that the AUD/USD pair is pushing higher from 0.8656 in the corrective pattern, and while price stays below 0.8886 we can look for the short term selling opportunity today when developing of the .c wave (coloured black) of the wave (iii) (coloured blue) starts. We are going to have the fresh entry signal on a break below the 0.8763 level. In accordance with our wave rules and taking into account that wave C should retrace 100% of wave A, we can define the potential targets with measuring wave A with take profit at 0.8589 (100% of wave A).
Proceeding from Elliot Wave rules today, the trend is expected to begin the downward movements. That is why short position at level of 0.8763 with stop loss at 0.8886 and take profit at 0.8589 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
AUD/USD Elliott Wave
Since our last analysis the AUD/USD pair has been trading upwards, corrective wave .b (coloured black) of the bigger wave (iii) (coloured blue) has been developing. In the 1-Hour chart we can see that the AUD/USD pair is pushing higher from 0.8656 in the corrective pattern, and while price stays below 0.8886 we can look for the short term selling opportunity today when developing of the .c wave (coloured black) of the wave (iii) (coloured blue) starts. We are going to have the fresh entry signal on a break below the 0.8763 level. In accordance with our wave rules and taking into account that wave C should retrace 100% of wave A, we can define the potential targets with measuring wave A with take profit at 0.8589 (100% of wave A).
Support and Resistance
(S3) 0.8608, (S2) 0.8642, (S1) 0.8690, (PP) 0.8724, (R1) 0.8772, (R2) 0.8806, (R3) 0.8854.
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 0.8763 with stop loss at 0.8886 and take profit at 0.8589 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
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