AUD/USD Elliott Wave Since our last analyses the AUD/USD pair has been trading side ways, corrective wave 4 (coloured green) of the bigger wave 3 (coloured blue) has been developing. During the Friday’s Asian and European sessions we could observe descending movement from 0.95258 towards the 0.9181 level.Therefore, during the New York session this currency did not manage to hold this levels and the price has retraced back to 0.9250 level. At the moment the AUD/USD pair is trading around 0.9174 area and we expect to see the price higher when development of the corrective wave 4 (coloured blue) starts. In accordance with our wave rules and taking into account that wave 4 should retrace 38.2% of wave 3, we can define the potential targets with measuring wave 3 with take profit at 0.9307 (38.2% of wave 3). To reduce the risk, we can use support point at 0.9100 level as stop loss. Support and Resistance (S3) 0.9141 (S2) 0.9170 (S1) 0.9188 (PP) 0.9217 (R1) 0.9246 (R2) 0.9264 (R3) 0.9293 Trading forecast Proceeding from Elliott Wave today, the trend is expected to begin the upwards movement. That is why long positions at level 0.9200 with stop loss at 0.9100 and take profit at 0.9300 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 side ways, corrective wave 4 (coloured green) of the bigger wave 3 (coloured blue) has been developing. During the Friday’s Asian and European sessions we could observe descending movement from 0.95258 towards the 0.9181 level.Therefore, during the New York session this currency did not manage to hold this levels and the price has retraced back to 0.9250 level. At the moment the AUD/USD pair is trading around 0.9174 area and we expect to see the price higher when development of the corrective wave 4 (coloured blue) starts. In accordance with our wave rules and taking into account that wave 4 should retrace 38.2% of wave 3, we can define the potential targets with measuring wave 3 with take profit at 0.9307 (38.2% of wave 3). To reduce the risk, we can use support point at 0.9100 level as stop loss.
Support and Resistance
(S3) 0.9141 (S2) 0.9170 (S1) 0.9188 (PP) 0.9217 (R1) 0.9246 (R2) 0.9264 (R3) 0.9293
Trading forecast
Proceeding from Elliott Wave today, the trend is expected to begin the upwards movement. That is why long positions at level 0.9200 with stop loss at 0.9100 and take profit at 0.9300 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
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