AUD/USD Elliott Wave Last week the AUD/USD pair has been trading downwards, corrective wave (A) (coloured green) of the bigger wave Y (coloured red) has been developing. During the Friday’s Asian and European sessions we could observe strong ascending movement from 1.0281 towards the 1.0357 level. Therefore, during the New York session this currency did not manage to stay in a bullish mood and the price has retraced back to 1.0270 level. Today, the AUD/USD pair has continued trading lower and we expect to see the price higher this week when development of the corrective wave (B) starts. In accordance with our wave rules and taking into account that wave B should retrace 50% of wave A, we can define the potential targets with measuring wave A with take profit at 1.0415 (50% of wave A). To reduce the risk, we can use invalidation point at 1.0230 level as stop loss. Support and Resistance (S3) 1.0166 (S2) 1.0220 (S1) 1.0249 (PP) 1.0303 (R1) 1.0332 (R2) 1.0386 (R3) 1.0415 Trading forecast Proceeding from Elliott Wave rules today, the trend is expected to begin the upwards movement. That is why long positions at level 1.0300 with stop loss at 1.0230 and take profit at 1.0415 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
AUD/USD Elliott Wave
Last week the AUD/USD pair has been trading downwards, corrective wave (A) (coloured green) of the bigger wave Y (coloured red) has been developing. During the Friday’s Asian and European sessions we could observe strong ascending movement from 1.0281 towards the 1.0357 level. Therefore, during the New York session this currency did not manage to stay in a bullish mood and the price has retraced back to 1.0270 level. Today, the AUD/USD pair has continued trading lower and we expect to see the price higher this week when development of the corrective wave (B) starts. In accordance with our wave rules and taking into account that wave B should retrace 50% of wave A, we can define the potential targets with measuring wave A with take profit at 1.0415 (50% of wave A). To reduce the risk, we can use invalidation point at 1.0230 level as stop loss.
Support and Resistance
(S3) 1.0166 (S2) 1.0220 (S1) 1.0249 (PP) 1.0303 (R1) 1.0332 (R2) 1.0386 (R3) 1.0415
Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upwards movement. That is why long positions at level 1.0300 with stop loss at 1.0230 and take profit at 1.0415 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
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