AUD/USD analysis for July 02, 2013
July 2, 2013 12:00 pmVideo
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AUD/USD Elliott Wave
Since our last analysis, the AUD/USD pair has been trading upwards, corrective wave .4 (coloured green) of the bigger wave 5 (coloured blue) has been developing. During the Monday’s Asian and European session we could observe strong ascending movement from 0.9153 towards the 0.9252 level and we can consider this move as the end of the corrective wave .4 (coloured green). Therefore, during the New York session when developing of the final wave .5 starts this major pair did not manage to hold this levels and price has dropped to the new sessions low at 0.9205 level. At the moment the AUD/USD pair is trading around 0.9182 and we are expecting to see price lower in the next few sessions. In accordance with our wave rules and taking into account that wave 5 should retrace 61.8% of wave 1, we can define the potential targets with measuring wave 1 with take profit at 0.9057 (61.8% of wave 1). To reduce the risk, we can use invalidation point at 0.9252 level as stop loss.
Support and resistance
(S3) 0.9015 (S2) 0.9065 (S1) 0.9151 (PP) 0.9201 (R1) 0.9287 (R2) 0.9337 (R3) 0.9423
Trading forecast
Proceeding from Elliott Wave today, the trend is expected to begin the downwards movement. That is why short positions at level 0.9170 with stop loss at 0.9252 and take profit at 0.9057 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
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