Elliott Wave Analysis of AUD/USD for March 19, 2014
March 19, 2014 12:45 pm
AUD/USD Elliott Wave
Since our last analysis, the AUD/USD pair has been trading upwards, just like we expected, impulsive wave iii (coloured blue) of the bigger wave (iii) (coloured green) has been developing. In the 1-hour chart of the pair above, we can see that pullback in the ii wave has ended at the 0.9629 level, and from there we are tracking the iii of (iii) wave that is looking to become extended wave. While price remains above the 0.9000 support level, we are going to focus only on a buying opportunity to catch final [iii] wave (coloured black). 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 0.9318 (161.8% of wave [i]). Intraday traders should look for a buying at the next pullback, but for targets we are going to look for the 0.9200-0.9250 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 0.9100 with stop loss at 0.9000 and take profit at 0.9318 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, just like we expected, impulsive wave iii (coloured blue) of the bigger wave (iii) (coloured green) has been developing. In the 1-hour chart of the pair above, we can see that pullback in the ii wave has ended at the 0.9629 level, and from there we are tracking the iii of (iii) wave that is looking to become extended wave. While price remains above the 0.9000 support level, we are going to focus only on a buying opportunity to catch final [iii] wave (coloured black). 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 0.9318 (161.8% of wave [i]). Intraday traders should look for a buying at the next pullback, but for targets we are going to look for the 0.9200-0.9250 area.
Support and Resistance
(S3) 0.9008, (S2) 0.9036, (S1) 0.9080, (PP) 0.9108, (R1) 0.9152, (R2) 0.9180, (R3) 0.9224.
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 0.9100 with stop loss at
0.9000 and take profit at 0.9318 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: