AUD/USD Elliott Wave Since our last analysis the AUD/USD pair has been trading upwards, just like we expected, corrective wave A (coloured blue) of the bigger wave (B) (coloured green) has been developing. Yesterday, during the Asian session we could observe descending movement from.0275 towards the 1.0231 level. Therefore, during the Europe and New York sessions this major currency did not manage to hold this levels and the price has retraced all the way to 1.0295 level. At the moment the AUD/USD pair is trading around 1.0314 area and we expect to see the price higher in the next few days. 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 1.0400 (50% of wave A). To reduce the risk, we can use invalidation point at 1.0250 level as stop loss. Support and Resistance (S3) 1.0180 (S2) 1.0205 (S1) 1.0244 (PP) 1.0269 (R1) 1.0308 (R2) 1.0333 (R3) 1.0372 Trading forecast Proceeding from Elliott Wave rules today, the trend is expected to begin the upwards movement. That is why long positions at level 1.0320 with stop loss at 1.0250 and take profit at 1.0400 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 upwards, just like we expected, corrective wave A (coloured blue) of the bigger wave (B) (coloured green) has been developing. Yesterday, during the Asian session we could observe descending movement from.0275 towards the 1.0231 level. Therefore, during the Europe and New York sessions this major currency did not manage to hold this levels and the price has retraced all the way to 1.0295 level. At the moment the AUD/USD pair is trading around 1.0314 area and we expect to see the price higher in the next few days. 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 1.0400 (50% of wave A). To reduce the risk, we can use invalidation point at 1.0250 level as stop loss.
Support and Resistance
(S3) 1.0180 (S2) 1.0205 (S1) 1.0244 (PP) 1.0269 (R1) 1.0308 (R2) 1.0333 (R3) 1.0372
Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upwards movement. That is why long positions at level 1.0320 with stop loss at 1.0250 and take profit at 1.0400 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
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