AUD/USD Elliott Wave Last week the AUD/USD pair has been trading downwards, just like we expected, corrective wave B (coloured blue) of the bigger wave [4] (coloured red) has been developing. During the Fridays, Asian and European session we could observe descending movement from 0.9178 towards the 0.9094 level. Therefore, during the New York session this major currency has continued trading in a bearish mood and price has reached a new low at 0.9048 level.Today, during the early Asian session the AUD/USD pair has finished developing of the wave B (coloured blue) at the 0.9041 level and we are expecting to see price higher very soon.In accordance with our wave rules and taking into account that wave C should retrace 161.8% of wave A, we can define the potential targets with measuring wave A with take profit at 0.9285 (161.8% of wave A). To reduce the risk, we can use invalidation point at 0.8970 level as stop loss.
Support and resistance (S3) 0.8877 (S2) 0.8962 (S1) 0.9009 (PP) 0.9094 (R1) 0.9141 (R2) 0.9226 (R3) 0.9273
Trading forecast Proceeding from Elliott Wave today, the trend is expected to begin the upwards movement. That is why long positions at level 0.9100 with stop loss at 0.8970 and take profit at 0.9285 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
AUD/USD Elliott Wave
Last week the AUD/USD pair has been trading downwards, just like we expected, corrective wave B (coloured blue) of the bigger wave [4] (coloured red) has been developing. During the Fridays, Asian and European session we could observe descending movement from 0.9178 towards the 0.9094 level. Therefore, during the New York session this major currency has continued trading in a bearish mood and price has reached a new low at 0.9048 level.Today, during the early Asian session the AUD/USD pair has finished developing of the wave B (coloured blue) at the 0.9041 level and we are expecting to see price higher very soon.In accordance with our wave rules and taking into account that wave C should retrace 161.8% of wave A, we can define the potential targets with measuring wave A with take profit at 0.9285 (161.8% of wave A). To reduce the risk, we can use invalidation point at 0.8970 level as stop loss.
Support and resistance
(S3) 0.8877 (S2) 0.8962 (S1) 0.9009 (PP) 0.9094 (R1) 0.9141 (R2) 0.9226 (R3) 0.9273
Trading forecast
Proceeding from Elliott Wave today, the trend is expected to begin the upwards movement. That is why long positions at level 0.9100 with stop loss at 0.8970 and take profit at 0.9285 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
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