AUD/USD Elliott Wave Since our last analyses the AUD/USD pair has been trading lower, just like we expected, corrective wave .i (coloured green) of the bigger wave 1 (coloured blue) has been developing. Yesterday, during the Asian and European session we could observe descending movement from 0.9304 towards the 0.9192 level. Therefore, during the New York session this currency has continued trading in a bearish mood and price has reached a new daily low at 0.9120 level. We can consider this move as the end of the wave .i (coloured green). At the moment, the AUD/USD pair is trading around 0.9120 and we are expecting to see another wave lower when developing of the corrective wave .ii (coloured green) ends.In accordance with our wave rules and taking into account that wave 3 should retrace minimum 100% of wave 1, we can define the potential targets with measuring wave 1 with take profit at 0.9050 (100% of wave 1). To reduce the risk, we can use invalidation point at 0.9315 level as stop loss.
Support and Resistance (S3) 0.8916 (S2) 0.9017 (S1) 0.9102 (PP) 0.9203 (R1) 0.9288 (R2) 0.9389 (R3) 0.9474
Trading forecast Proceeding from Elliott Wave today, the trend is expected to begin the downwards movement. That is why short positions at level 0.9215 with stop loss at 0.9315 and take profit at 0.9050 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 lower, just like we expected, corrective wave .i (coloured green) of the bigger wave 1 (coloured blue) has been developing. Yesterday, during the Asian and European session we could observe descending movement from 0.9304 towards the 0.9192 level. Therefore, during the New York session this currency has continued trading in a bearish mood and price has reached a new daily low at 0.9120 level. We can consider this move as the end of the wave .i (coloured green). At the moment, the AUD/USD pair is trading around 0.9120 and we are expecting to see another wave lower when developing of the corrective wave .ii (coloured green) ends.In accordance with our wave rules and taking into account that wave 3 should retrace minimum 100% of wave 1, we can define the potential targets with measuring wave 1 with take profit at 0.9050 (100% of wave 1). To reduce the risk, we can use invalidation point at 0.9315 level as stop loss.
Support and Resistance
(S3) 0.8916 (S2) 0.9017 (S1) 0.9102 (PP) 0.9203 (R1) 0.9288 (R2) 0.9389 (R3) 0.9474
Trading forecast
Proceeding from Elliott Wave today, the trend is expected to begin the downwards movement. That is why short positions at level 0.9215 with stop loss at 0.9315 and take profit at 0.9050 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
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