AUD/USD Elliott Wave For the last few days the AUD/USD pair has been trading upwards, just like we expected, corrective wave [2] (coloured red) of the bigger wave 3 (coloured green) has been developing. During the Friday’s Asian and European sessions we could observe sideways movements between 0.9566 and 0.9654 levels.Therefore, during the New York session this major currency has continued trading in a sideways mood and the price finished last week at 0.9566 level. At the moment the AUD/USD pair is trading around 0.9615 and we expect to see the price lower for the next few sessions. In accordance with our wave rules and taking into account that wave 3 should retrace 161.8% of wave 1, we can define the potential targets with measuring wave 1 with take profit at 0.9100 (161.8% of wave 3). To reduce the risk, we can use invalidation point at 0.9680 level as stop loss. Support and Resistance (S3) 0.9437 (S2) 0.9502 (S1) 0.9536 (PP) 0.9601 (R1) 0.9635 (R2) 0.9700 (R3) 0.9734 Trading forecast Proceeding from Elliott Wave today, the trend is expected to begin the downwards movement. That is why short positions at level 0.9600 with stop loss at 0.9680 and take profit at 0.9100 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
AUD/USD Elliott Wave
For the last few days the AUD/USD pair has been trading upwards, just like we expected, corrective wave [2] (coloured red) of the bigger wave 3 (coloured green) has been developing. During the Friday’s Asian and European sessions we could observe sideways movements between 0.9566 and 0.9654 levels.Therefore, during the New York session this major currency has continued trading in a sideways mood and the price finished last week at 0.9566 level. At the moment the AUD/USD pair is trading around 0.9615 and we expect to see the price lower for the next few sessions. In accordance with our wave rules and taking into account that wave 3 should retrace 161.8% of wave 1, we can define the potential targets with measuring wave 1 with take profit at 0.9100 (161.8% of wave 3). To reduce the risk, we can use invalidation point at 0.9680 level as stop loss.
Support and Resistance
(S3) 0.9437 (S2) 0.9502 (S1) 0.9536 (PP) 0.9601 (R1) 0.9635 (R2) 0.9700 (R3) 0.9734
Trading forecast
Proceeding from Elliott Wave today, the trend is expected to begin the downwards movement. That is why short positions at level 0.9600 with stop loss at 0.9680 and take profit at 0.9100 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
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