AUD/USD analysis for December 19, 2013
December 19, 2013 9:15 amVideo
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AUD/USD Elliott Wave
Since our last analyses the AUD/USD pair has been trading downwards, that is why we slightly changed wave structure inside the iv wave (coloured blue) of the bigger wave (v) (coloured red). During the Wednesday’s Asian and European sessions, we could observe descending movements from 0.8927 towards 0.8866 level. Therefore, during the New York session this major pair has continued trading in a bearish mood and price has reached a new low at 0.8819 level. We can consider this move as he end of the wave .iii (coloured black) of the bigger wave v (coloured blue). At the moment the AUD/USD pair is trading around 0.8840 level and we are expecting to see one more push lower before wave 1 don’t end the bigger cycle. 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 0.9285 (50% of wave 1). To reduce the risk, we can use invalidation point at 0.8800 level as stop loss.
Support and Resistance
(S3) 0.8792 (S2) 0.8837 (S1) 0.8868 (PP) 0.8913 (R1) 0.8944 (R2) 0.8989 (R3) 0.9020
Trading forecast
Proceeding from Elliot Wave rules today, the trend is expected to begin the upwards movements. That is why long positions at 0.8950 with stop loss at 0.8800 and take profit at 0.9285 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
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