Elliott Wave Analysis of AUD/USD for March 26, 2014
March 26, 2014 5:55 am
AUD/USD Elliott Wave
Since our last analysis, the AUD/USD pair has continued upward movements inside an impulsive [iii] wave (coloured black) of the bigger wave C (coloured blue). In the hourly chart above, we can see that wave [iii] is unfolding in an double three pattern, and should currently be inside the final c of (y) wave. For traders who are holding long in the pair, we should start to consider moving our stops to break even or to close half of the positions at 0.9200 and leave rest to run. For trading opportunity today, we can only look for some short-term buying opportunity if we see a pullback, or to wait [iii] wave to complete the cycle from the 0.8993 level and to try sell the [iv] wave. 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 0.9210 (161.8% of wave [i] ). To protect our buying position, we are going to use the low at the 0.9100 level as the stop loss point.
Proceeding from Elliot Wave rules today, the trend is expected to begin the upwards movements. That is why long positions at the level of 0.9130 with stop loss at 0.9100 and take profit at 0.9210 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 continued upward movements inside an impulsive [iii] wave (coloured black) of the bigger wave C (coloured blue). In the hourly chart above, we can see that wave [iii] is unfolding in an double three pattern, and should currently be inside the final c of (y) wave. For traders who are holding long in the pair, we should start to consider moving our stops to break even or to close half of the positions at 0.9200 and leave rest to run. For trading opportunity today, we can only look for some short-term buying opportunity if we see a pullback, or to wait [iii] wave to complete the cycle from the 0.8993 level and to try sell the [iv] wave. 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 0.9210 (161.8% of wave [i] ). To protect our buying position, we are going to use the low at the 0.9100 level as the stop loss point.
Support and Resistance
(S3) 0.9077, (S2) 0.9098, (S1) 0.9131, (PP) 0.9152, (R1) 0.9185, (R2) 0.9206, (R3) 0.9239.
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 0.9130 with stop loss at
0.9100 and take profit at 0.9210 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
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