AUD/USD analysis for December 16, 2013
December 16, 2013 1:15 pmVideo
Latest News
- XM’s Lombok Collaboration: Brightening Futures April 26, 2024
- Week Ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too April 26, 2024
- Market Comment – Yen keeps sinking after Bank of Japan decision April 26, 2024
- Fed faces dilemma amid sticky inflation and slowing economy – Preview April 26, 2024
- USD/JPY: trading tips for beginners for European session on April 26 April 26, 2024
- GBP/USD: trading tips for beginners for European session on April 26 April 26, 2024
- EUR/USD: trading tips for beginners for European session on April 26 April 26, 2024
- Hot forecast for EUR//USD on April 26, 2024 April 26, 2024
- Technical Analysis – GBPJPY close to a new 9-year high April 26, 2024
- Technical Analysis – USDCAD retreats beneath 20-day SMA April 26, 2024
- Key events on April 26: fundamental analysis for beginners April 26, 2024
- Trading plan for GBP/USD on April 26. Simple tips for beginners April 26, 2024
- Trading plan for EUR/USD on April 26. Simple tips for beginners April 26, 2024
- Technical Analysis of Intraday Price Movement of Polkadot Cryptocurrency, Friday April 26 2024. April 26, 2024
- Technical Analysis of Intraday Price Movement of Cardano Cryptocurrency, Friday April 26 2024. April 26, 2024
- Forecast for EUR/USD on April 26, 2024 April 26, 2024
- Forecast for GBP/USD on April 26, 2024 April 26, 2024
- Forecast for AUD/USD on April 26, 2024 April 26, 2024
- The ECB also has reasons to worry April 26, 2024
- The dollar: there would have been no happiness, but misfortune helped April 26, 2024
AUD/USD Elliott Wave
The AUD/USD pair has been trading downwards for the last couple of weeks, low at the Friday change our count from corrective to impulsive structure, so let us see what can we expect next in this pair. During the Friday’s Asian and European sessions, we could observe descending movements from 0.8960 towards the 0.8908 level. Therefore, during the early New York session this major currency pair did not manage to hold above the lows and the price retraced back to 0.8970 level. At the moment, the AUD/USD pair is trading around 0.8940 and we are expecting to see one more push lower before the price turns bullish in the wave 2 (coloured green). 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 0.9330 (50% of wave 1). To reduce the risk, we can use invalidation point at 0.8800 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 upward movements. That is why long positions at the level of 0.9000 with stop loss at 0.8800 and take profit at 0.9330 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: