AUDUSD Elliott Wave All week the AUD/USD pair has been trading in a downwards move, impulsive wave 1 (coloured blue) of the bigger wave (5) (coloured green) has been developing. Yesterday during the Asian and European sessions we could observe descending movement from 0.8991 towards the 0.8903 level. Therefore, during the New York session this currency has continued trading in bearish mood and the price has reached a new daily low at 0.8886 level. At the moment the AUD/USD pair is trading around 0.8899 level and we expect to see one more leg lower before price turns higher in the wave 2 (coloured blue). In accordance with our wave rules and taking into account that wave 2 should retrace 50% of wave 1, we can define the potential targets with measuring wave 1 with take profit at 0.9086 (50% of wave 1). To reduce the risk, we can use invalidation point at 0.8820 level as stop loss.
Support and Resistance (S3) 0.8804 (S2) 0.8855 (S1) 0.8890 (PP) 0.8941 (R1) 0.8976 (R2) 0.9027 (R3) 0.9062
Trading forecast Proceeding from Elliott Wave rules today, the trend is expected to begin the upwards movement. That is why long positions at level 0.8930 with stop loss at 0.8820 and take profit at 0.9086 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
AUDUSD Elliott Wave
All week the AUD/USD pair has been trading in a downwards move, impulsive wave 1 (coloured blue) of the bigger wave (5) (coloured green) has been developing. Yesterday during the Asian and European sessions we could observe descending movement from 0.8991 towards the 0.8903 level. Therefore, during the New York session this currency has continued trading in bearish mood and the price has reached a new daily low at 0.8886 level. At the moment the AUD/USD pair is trading around 0.8899 level and we expect to see one more leg lower before price turns higher in the wave 2 (coloured blue). In accordance with our wave rules and taking into account that wave 2 should retrace 50% of wave 1, we can define the potential targets with measuring wave 1 with take profit at 0.9086 (50% of wave 1). To reduce the risk, we can use invalidation point at 0.8820 level as stop loss.
Support and Resistance
(S3) 0.8804 (S2) 0.8855 (S1) 0.8890 (PP) 0.8941 (R1) 0.8976 (R2) 0.9027 (R3) 0.9062
Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upwards movement. That is why long positions at level 0.8930 with stop loss at 0.8820 and take profit at 0.9086 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
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