Elliott Wave Analysis of AUD/USD for March 10, 2014
March 10, 2014 8:15 amVideo
Latest News
- Analysis of EUR/USD on May 8th. Euro aims for the 1.5 figure May 8, 2024
- Analysis of GBP/USD on May 8th. The pound hits an important level May 8, 2024
- USD/JPY: Simple Trading tips for novice traders on May 8th (US session) May 8, 2024
- GBP/USD: Simple trading tips for novice traders on May 8th (US session) May 8, 2024
- EUR/USD: Simple trading tips for novice traders on May 8th (US session) May 8, 2024
- Trading Signals for CRUDE OIL (WIT) for May 8-15, 2024: buy above $78.12 (21 SMA – 2/8 Murray) May 8, 2024
- GBP/USD: trading plan for the US session on May 8th (analysis of morning deals). The pound was bought in the area of 1.2471 May 8, 2024
- EUR/USD: trading plan for the US session on May 8th (analysis of morning deals). No statistics, no movement May 8, 2024
- EUR/USD. May 8th. The market continues to rest against the background of an empty calendar May 8, 2024
- Technical Analysis – USDCAD enjoys renewed strength May 8, 2024
- Technical Analysis – US 500 index advances towards all-time high May 8, 2024
- GBP/USD. May 8th. The pound does not expect a rate cut by the Bank of England May 8, 2024
- Video market update for May 08, 2024 May 8, 2024
- Technical Analysis – EURJPY flirts with 167.00 again May 8, 2024
- Technical Analysis – WTI oil futures restart downtrend May 8, 2024
- Forex forecast 05/08/2024: EUR/USD, Oil, Gold and SP500 from Sebastian Seliga May 8, 2024
- Technical Analysis – GBPUSD pulls back after testing 50-day SMA May 8, 2024
- Market Comment – US dollar recovers, stocks’ rally stalls as market tries to find its footing May 8, 2024
- USD/JPY: trading tips for beginners for European session on May 8 May 8, 2024
- Weekly Technical Outlook: 08/05/2024 – USDJPY, GBPUSD, USDCAD May 8, 2024
AUD/USD Elliott Wave
Last week, the AUD/USD pair was trading upwards, just like we had expected, corrective wave C (coloured blue) of the bigger (B) wave (coloured red) has been developing. In the 1-hour chart above, we can see that we just completed the (iii) of C wave with a test of the 0.9131 level, and we are going to look today for one more push higher in the final (v) wave (coloured green) while price remains above the 0.8968 level (short term invalidation point). In accordance with our wave rules and taking into account that wave (v) which should extend 61.8% of wave (iii), we can define the potential targets with measuring wave (iii) with take profit at 0.9143 (61.8% of wave (iii)). Since move from the 0.9131 level look to deep, we must have some alternate view ready.
Alternate count: Wave (B) is already over at the 0.9131 level, and if price breaks below the 0.8968 level, we are going to look for more downside movements towards the 0.8895 – 0.8837 area next (50-61.8% of the bigger upward cycle from 0.8653 level).
Support and Resistance
(S3) 0.8970, (S2) 0.9015, (S1) 0.9041, (PP) 0.9086, (R1) 0.9112, (R2) 0.9157, (R3) 0.9183.
Trading forecast
Proceeding from the Elliot Wave rules today, the trend is expected to begin the upwards movements. That is why, long positions at the level of 0.9050 with stop loss at 0.8968 and take profit at 0.9143 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: