Elliott Wave Analysis of AUD/USD for March 12, 2014
March 14, 2014 11:40 am
AUD/USD Elliott Wave
For the last couple of days, the AUD/USD pair has been trading upwards, impulsive wave [iii] (coloured black) of the bigger wave C (coloured blue) has been developing. In the 60-minutes chart of the pair, we can see clear impulsive wave developing from the 0.8921 level, this is early confirmation that we can see more upside movements while price remain above the 0.8950 level. In accordance with our wave rules and taking into account that wave (iii) should extend 161.8% of wave (i), we can define the potential targets with measuring wave (i) with take profit at 0.9290 (161.8% of wave (i)). For this bullish count to stay valid, the RSI indicator on the 1-hour chart, need to show us at least a marginal divergence when price complete the (iii) wave (coloured green). Long-term traders, should wait for the corrective (B) wave (coloured red) to complete before they join the selling opportunity against the 0.9500 area.
Proceeding from Elliot Wave rules today, the trend is expected to begin the upwards movements. That is why long positions at the level of 0.9045 with stop loss at 0.8920 and take profit at 0.9290 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
AUD/USD Elliott Wave
For the last couple of days, the AUD/USD pair has been trading upwards, impulsive wave [iii] (coloured black) of the bigger wave C (coloured blue) has been developing. In the 60-minutes chart of the pair, we can see clear impulsive wave developing from the 0.8921 level, this is early confirmation that we can see more upside movements while price remain above the 0.8950 level. In accordance with our wave rules and taking into account that wave (iii) should extend 161.8% of wave (i), we can define the potential targets with measuring wave (i) with take profit at 0.9290 (161.8% of wave (i)). For this bullish count to stay valid, the RSI indicator on the 1-hour chart, need to show us at least a marginal divergence when price complete the (iii) wave (coloured green). Long-term traders, should wait for the corrective (B) wave (coloured red) to complete before they join the selling opportunity against the 0.9500 area.
Support and Resistance
(S3) 0.8858, (S2) 0.8921, (S1) 0.8975, (PP) 0.9038, (R1) 0.9092, (R2) 0.9155, (R3) 0.9209.
Trading forecast
Proceeding from Elliot Wave rules today, the trend is expected to begin the upwards movements. That is why long positions at the level of 0.9045 with stop loss at
0.8920 and take profit at 0.9290 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
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