AUD/USD Elliott Wave Since our last analysis the AUD/USD pair was trading sideways, so we adjust our primary count a little bit. Yesterday during the Asian and European sessions we could observe ascending movement from 1.0368 towards the 1.0404 level and we can consider this move as the end of the sub-wave (D) (coloured pink) of the 4 wave (coloured blue). Therefore, during the New York session this currency did not manage to hold this level and the price has retraced all the way to 1.0368. Today after the AUD/USD pair has finished development of the final (E) wave (coloured pink), the price started pushing higher and we expect to see the price above 1.0500 area very soon. In accordance with our wave rules and taking into account that the wave 3 should retrace 161.8% of the waves 1, we can define the potential targets with measuring wave 1 with take profit at 1.0500 (161.8% of wave 1). To reduce the risk, we can use support at 1.0350 level as stop loss.
Support and Resistance (S3) 1.0328 (S2) 1.0347 (S1) 1.0359 (PP) 1.0378 (R1) 1.0397 (R2) 1.0409 (R3) 1.0428
Trading forecast Proceeding from Elliott Wave rules today, the trend is expected to begin the upwards movement. That is why long positions at level 1.0400 with stop loss 1.0350 and take profit at 1.0500 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
AUD/USD Elliott Wave
Since our last analysis the AUD/USD pair was trading sideways, so we adjust our primary count a little bit. Yesterday during the Asian and European sessions we could observe ascending movement from 1.0368 towards the 1.0404 level and we can consider this move as the end of the sub-wave (D) (coloured pink) of the 4 wave (coloured blue). Therefore, during the New York session this currency did not manage to hold this level and the price has retraced all the way to 1.0368. Today after the AUD/USD pair has finished development of the final (E) wave (coloured pink), the price started pushing higher and we expect to see the price above 1.0500 area very soon. In accordance with our wave rules and taking into account that the wave 3 should retrace 161.8% of the waves 1, we can define the potential targets with measuring wave 1 with take profit at 1.0500 (161.8% of wave 1). To reduce the risk, we can use support at 1.0350 level as stop loss.
Support and Resistance
(S3) 1.0328 (S2) 1.0347 (S1) 1.0359 (PP) 1.0378 (R1) 1.0397 (R2) 1.0409 (R3) 1.0428
Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upwards movement. That is why long positions at level 1.0400 with stop loss 1.0350 and take profit at 1.0500 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
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