AUD/USD Elliott Wave Since our last analysis the AUD/USD pair has been trading higher, just like we expected, impulsive wave 1 (coloured blue) of the bigger wave (1) (coloured green) was developing. Yesterday, during the Asian and European sessions we could observe ascending movement from 1.0308 towards 1.0383 level. Therefore, during the early New York session this currency has continued to trade in a bullish mood and we could observe the price reaching a new daily high at 1.0397 level. We can consider this move as the end of the impulsive wave 1 (coloured blue). Today the AUD/USD pair has finished developing of the corrective wave 2 and we expect to see the price much higher 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 1.0510 (161.8% of wave 1). To reduce the risk, we can use invalidation point at 1.0291 level as stop loss.
Support and Resistance (S3) 1.0257 (S2) 1.0296 (S1) 1.0320 (PP) 1.0360 (R1) 1.0399 (R2) 1.0423 (R3) 1.0463
Trading forecast Proceeding from Elliott Wave rules today, the trend is expected to begin the upwards movement. That is why long positions at level 1.0370 with stop loss at 1.0291 and take profit at 1.0510 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 higher, just like we expected, impulsive wave 1 (coloured blue) of the bigger wave (1) (coloured green) was developing. Yesterday, during the Asian and European sessions we could observe ascending movement from 1.0308 towards 1.0383 level. Therefore, during the early New York session this currency has continued to trade in a bullish mood and we could observe the price reaching a new daily high at 1.0397 level. We can consider this move as the end of the impulsive wave 1 (coloured blue). Today the AUD/USD pair has finished developing of the corrective wave 2 and we expect to see the price much higher 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 1.0510 (161.8% of wave 1). To reduce the risk, we can use invalidation point at 1.0291 level as stop loss.
Support and Resistance
(S3) 1.0257 (S2) 1.0296 (S1) 1.0320 (PP) 1.0360 (R1) 1.0399 (R2) 1.0423 (R3) 1.0463
Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upwards movement. That is why long positions at level 1.0370 with stop loss at 1.0291 and take profit at 1.0510 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
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