AUD/USD analysis for June 18, 2013
June 18, 2013 10:30 amVideo
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AUD/USD Elliott Wave
Since our last analyses the AUD/USD pair has continued trading lower, just like we expected, impulsive wave 3 (coloured blue) of the bigger wave [3] (coloured red) has been developing. Yesterday, during the Asian and European sessions we could observe side-ways movement between 0.9563 and 0.9641 level. We can consider this move as the end of the corrective wave 2 (coloured blue) of the bigger wave [3] (coloured red). Therefore, during the early New York session this currency did not manage to hold this levels and the price has dropped to the new low at 0.9509 level. At the moment the AUD/USD pair is trading around 0.9447 area and we expect to see the continuation of the bearish movement for the next couple of days. 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 0.9550 level as stop loss.
Support and Resistance
(S3) 0.9361 (S2) 0.9435 (S1) 0.9493 (PP) 0.9567 (R1) 0.9625 (R2) 0.9699 (R3) 0.9757
Trading forecast
Proceeding from Elliott Wave today, the trend is expected to begin the downwards movement. That is why short positions at level 0.9440 with stop loss at 0.9550 and take profit at 0.9100 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
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