AUD/USD Elliott Wave Since our last analyses, the AUD/USD pair has been trading downwards, that’s why we moved to our alternate wave count that shows more bearish movements in the b wave (coloured red). During the Wednesday’s Asian and European sessions, we could observe descending movement from 0.9151 towards the 0.9086 level. Therefore, during the New York session this major currency continued trading in a bearish mood and the price found support at 0.9034 level. At the moment, the AUD/USD pair is trading around 0.9040 level and we should see more downwards movements in the next few sessions. In accordance with our wave rules and taking into account that wave B should retrace 90% of wave A, we can define the potential targets with measuring wave A with take profit at 0.8932 (90% of wave A). To reduce the risk, we can use invalidation point at 0.9150 level as stop loss.
Support and Resistance (S3) 0.8906 (S2) 0.8976 (S1) 0.9012 (PP) 0.9082 (R1) 0.9118 (R2) 0.9188 (R3) 0.9224
Trading forecast Proceeding from Elliot Wave rules today, the trend is expected to begin the downwards movements. That is why short positions at 0.9030 with stop loss at 0.9150 and take profit at 0.8932 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
AUD/USD Elliott Wave
Since our last analyses, the AUD/USD pair has been trading downwards, that’s why we moved to our alternate wave count that shows more bearish movements in the b wave (coloured red). During the Wednesday’s Asian and European sessions, we could observe descending movement from 0.9151 towards the 0.9086 level. Therefore, during the New York session this major currency continued trading in a bearish mood and the price found support at 0.9034 level. At the moment, the AUD/USD pair is trading around 0.9040 level and we should see more downwards movements in the next few sessions. In accordance with our wave rules and taking into account that wave B should retrace 90% of wave A, we can define the potential targets with measuring wave A with take profit at 0.8932 (90% of wave A). To reduce the risk, we can use invalidation point at 0.9150 level as stop loss.
Support and Resistance
(S3) 0.8906 (S2) 0.8976 (S1) 0.9012 (PP) 0.9082 (R1) 0.9118 (R2) 0.9188 (R3) 0.9224
Trading forecast
Proceeding from Elliot Wave rules today, the trend is expected to begin the downwards movements. That is why short positions at 0.9030 with stop loss at 0.9150 and take profit at 0.8932 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
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