AUD/USD Analysis for April 08, 2013
April 8, 2013 8:30 amVideo
Latest News
- Market Comment – Dollar slides as Powell rules out rate hikes May 2, 2024
- RBA decision: will a rate hike be back on the table? – Preview May 2, 2024
- Video market update for May 02, 2024 May 2, 2024
- Technical Analysis – Bullish pressure in AUDUSD lingers May 2, 2024
- Key events on May 2: fundamental analysis for beginners May 2, 2024
- Trading plan for GBP/USD on May 2. Simple tips for beginners May 2, 2024
- Trading plan for EUR/USD on May 2. Simple tips for beginners May 2, 2024
- Technical Analysis of Intraday Price Movement of EUR/USD Main Currency Pairs, Thursday May 02 2024. May 2, 2024
- Technical Analysis of Intraday Price Movement of Nasdaq 100 Index, Thursday May 02 2024. May 2, 2024
- Forecast for EUR/USD on May 2, 2024 May 2, 2024
- Forecast for GBP/USD on May 2, 2024 May 2, 2024
- Forecast for AUD/USD on May 2, 2024 May 2, 2024
- Bank of Japan is trapped and increasingly dependent on the Fed’s stance. Overview of USD/JPY May 2, 2024
- Trading Signals for GOLD (XAU/USD) for May 1-2, 2024: buy above $2,290 (21 SMA – 4/8 Murray) May 1, 2024
- Technical Analysis – US 500 index might hit lower levels after Tuesday’s slump May 1, 2024
- Technical Analysis – NZDUSD falls back towards 5-month low May 1, 2024
- Technical Analysis – USDJPY erases losses, but risks remain May 1, 2024
- Video market update for May 01, 2024 May 1, 2024
- What do Q1 earnings hold for Disney’s stock? – Stock Markets May 1, 2024
- Will the post-FOMC jobs report move the dollar? – Preview May 1, 2024
AUD/USD Elliott Wave
Last week the AUD/USD pair was trading downwards, corrective wave C (coloured blue) of the bigger wave (4) (coloured green) was developing. During the Friday’s Asian and European sessions we could observe descending movement from 1.0436 towards 1.0353 level. Therefore, during the early New York session this currency did not manage to hold bearish mood and the price has retraced back to 1.0400 area. Today the AUD/USD pair hit a new low at 1.0347 level and we think that this is the end of the corrective wave (4) (coloured green), so we may see price higher this week. In accordance with our wave rules and taking into account that the wave 5 should retrace 61.8% of the waves 3, we can define the potential targets with measuring wave 3 with take profit at 1.0525 (61.8% of wave 3). To reduce the risk, we can use support at 1.0335 as stop loss.
Support and Resistance
(S3) 1.0267 (S2) 1.0311 (S1) 1.0350 (PP) 1.0394 (R1) 1.0433 (R2) 1.0477 (R3) 1.0516
Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upwards movement. That is why long positions at level 1.0400 with stop loss 1.0335 and take profit at 1.0525 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: