AUD/USD Elliott Wave Since our last analyses the AUD/USD pair has been trading downwards, impulsive wave [1] (coloured red) of the bigger wave 3 (coloured green) has finished developing. During the Friday’s Asian and European sessions we could observe descending movement from 0.9571 towards the 0.9462 level. Therefore, during the New York session this major currency pair has continued trading in a bearish mood and the price has reached a new low at 0.9428 level. At the moment the AUD/USD pair is developing corrective wave [2] (coloured red) and we are expecting to see the price higher in the next few days. In accordance with our wave rules and taking into account that wave 2 should retrace 61.8% of wave 1, we can define the potential targets with measuring wave 1 with take profit at 0.9565 (61.8% of wave 1). To reduce the risk, we can use support point at 0.9385 level as stop loss. Support and Resistance (S3) 0.9247 (S2) 0.9337 (S1) 0.9413 (PP) 0.9503 (R1) 0.9579 (R2) 0.9669 (R3) 0.9745 Trading forecast Proceeding from Elliott Wave rules today, the trend is expected to begin the upwards movement. That is why long positions at level 0.9435 with stop loss at 0.9385 and take profit at 0.9565 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 downwards, impulsive wave [1] (coloured red) of the bigger wave 3 (coloured green) has finished developing. During the Friday’s Asian and European sessions we could observe descending movement from 0.9571 towards the 0.9462 level. Therefore, during the New York session this major currency pair has continued trading in a bearish mood and the price has reached a new low at 0.9428 level. At the moment the AUD/USD pair is developing corrective wave [2] (coloured red) and we are expecting to see the price higher in the next few days. In accordance with our wave rules and taking into account that wave 2 should retrace 61.8% of wave 1, we can define the potential targets with measuring wave 1 with take profit at 0.9565 (61.8% of wave 1). To reduce the risk, we can use support point at 0.9385 level as stop loss.
Support and Resistance
(S3) 0.9247 (S2) 0.9337 (S1) 0.9413 (PP) 0.9503 (R1) 0.9579 (R2) 0.9669 (R3) 0.9745
Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upwards movement. That is why long positions at level 0.9435 with stop loss at 0.9385 and take profit at 0.9565 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
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