AUDUSD Elliott Wave Since our last analyses the AUD/USD pair has been trading lower, just like we expected, final impulsive wave (5) (coloured green) has started developing. During the Tuesday’s Asian session we could observe ascending movement from 0.8929 towards 0.9004 level and we could consider this movement as the end of the corrective wave 4 (coloured blue). Therefore, during the European and New York sessions when developing of the impulsive wave 5 (coloured blue) of (5) (coloured green) starts, this major pair retraced back to 0.8947 level. At the moment, the AUD/USD pair is trading around 0.8933 and we are expecting to see more bearish movements in the next few days. In accordance with our wave rules and taking into account that wave 5 should retrace 61.8% of wave 3, we can define the potential targets with measuring wave 3 with take profit at 0.8720 (61.8% of wave 3). To reduce the risk, we can use resistance point at 0.900 level as stop loss.
Support and Resistance (S3) 0.8828 (S2) 0.8867 (S1) 0.8926 (PP) 0.8965 (R1) 0.9024 (R2) 0.9063 (R3) 0.9122
Trading forecast Proceeding from Elliott Wave rules today, the trend is expected to begin move down. That is why short positions at the level of 0.8900 with stop loss at 0.9000 and take profit at 0.8720 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
AUDUSD Elliott Wave
Since our last analyses the AUD/USD pair has been trading lower, just like we expected, final impulsive wave (5) (coloured green) has started developing. During the Tuesday’s Asian session we could observe ascending movement from 0.8929 towards 0.9004 level and we could consider this movement as the end of the corrective wave 4 (coloured blue). Therefore, during the European and New York sessions when developing of the impulsive wave 5 (coloured blue) of (5) (coloured green) starts, this major pair retraced back to 0.8947 level. At the moment, the AUD/USD pair is trading around 0.8933 and we are expecting to see more bearish movements in the next few days. In accordance with our wave rules and taking into account that wave 5 should retrace 61.8% of wave 3, we can define the potential targets with measuring wave 3 with take profit at 0.8720 (61.8% of wave 3). To reduce the risk, we can use resistance point at 0.900 level as stop loss.
Support and Resistance
(S3) 0.8828 (S2) 0.8867 (S1) 0.8926 (PP) 0.8965 (R1) 0.9024 (R2) 0.9063 (R3) 0.9122
Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin move down. That is why short positions at the level of 0.8900 with stop loss at 0.9000 and take profit at 0.8720 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
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