AUD/USD Elliott Wave Since our last analysis the AUD/USD pair has been trading downwards, and we changed our wave count a little bit to adjust best possible scenario for today. Yesterday, during the Asian and European session we could observe strong descending movement from 1.0474 towards the 1.0385 level, and we can consider this move as the end of the corrective wave C (coloured blue) of the bigger wave (4) (coloured green). Therefore, during the early New York session this major currency did not manage to hold this level and the price has retraced back to 1.0457 area. We can consider this move as the end of the wave 1 (coloured blue). Today the AUD/USD pair is trading around 1.0418 and we are expecting to see price above 1.0490 area in the next few sessions. In accordance with our wave rules and taking into account that the wave 3 should retrace 161.8% of the waves 1, we can define the potential targets with measuring wave 1 with take profit at 1.0507 (161.8% of wave 1). To reduce the risk, we can use support at 1.0385 as stop loss.
Support and Resistance (S3) 1.0276 (S2) 1.0330 (S1) 1.0382 (PP) 1.0436 (R1) 1.0488 (R2) 1.0542 (R3) 1.0594
Trading аorecast Proceeding from Elliott Wave rules today, the trend is expected to begin the upwards movement. That is why long positions at level 1.0420 with stop loss 1.0385 and take profit at 1.0507 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 downwards, and we changed our wave count a little bit to adjust best possible scenario for today. Yesterday, during the Asian and European session we could observe strong descending movement from 1.0474 towards the 1.0385 level, and we can consider this move as the end of the corrective wave C (coloured blue) of the bigger wave (4) (coloured green). Therefore, during the early New York session this major currency did not manage to hold this level and the price has retraced back to 1.0457 area. We can consider this move as the end of the wave 1 (coloured blue). Today the AUD/USD pair is trading around 1.0418 and we are expecting to see price above 1.0490 area in the next few sessions. In accordance with our wave rules and taking into account that the wave 3 should retrace 161.8% of the waves 1, we can define the potential targets with measuring wave 1 with take profit at 1.0507 (161.8% of wave 1). To reduce the risk, we can use support at 1.0385 as stop loss.
Support and Resistance
(S3) 1.0276 (S2) 1.0330 (S1) 1.0382 (PP) 1.0436 (R1) 1.0488 (R2) 1.0542 (R3) 1.0594
Trading аorecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upwards movement. That is why long positions at level 1.0420 with stop loss 1.0385 and take profit at 1.0507 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: