AUD/USD Elliott wave Since our last analysis the AUD/USD pair has been trading higher, so we changed our primary wave count. Yesterday, during the Asian and European session we could observe ascending movement from 1.0154 towards the 1.0207 level and we can consider this move as the end of the wave 1 (coloured blue) of the bigger wave (1) (coloured green). Therefore, during the New York session this major currency did not manage to hold this levels and price has dropped to the new daily low at the 1.0160 level (end of the wave 2).At the moment the AUD/USD pair is trading around 1.0230 level and we are expecting to see price higher today. In accordance with our wave rules and taking into account that the wave 1 should retrace 23.6% of the prior wave 2 , we can define the potential targets with measuring wave 2 with take profit at 1.0300 (23.6% of wave 2). To reduce the risk, we can use invalidation at 1.0116 as stop loss. Support and resistance (S3) 1.0124 (S2) 1.0144 (S1) 1.0157 (PP) 1.0177 (R1) 1.0197 (R2) 1.0210 (R3) 1.0230 Trading forecast Proceeding from Elliott wave rules today, the trend is expected to begin the upwards movement. That is why long positions at level 1.0240 with stop loss at 1.0116 and take profit at 1.0300 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 has been trading higher, so we changed our primary wave count. Yesterday, during the Asian and European session we could observe ascending movement from 1.0154 towards the 1.0207 level and we can consider this move as the end of the wave 1 (coloured blue) of the bigger wave (1) (coloured green). Therefore, during the New York session this major currency did not manage to hold this levels and price has dropped to the new daily low at the 1.0160 level (end of the wave 2).At the moment the AUD/USD pair is trading around 1.0230 level and we are expecting to see price higher today. In accordance with our wave rules and taking into account that the wave 1 should retrace 23.6% of the prior wave 2 , we can define the potential targets with measuring wave 2 with take profit at 1.0300 (23.6% of wave 2). To reduce the risk, we can use invalidation at 1.0116 as stop loss.
Support and resistance
(S3) 1.0124 (S2) 1.0144 (S1) 1.0157 (PP) 1.0177 (R1) 1.0197 (R2) 1.0210 (R3) 1.0230
Trading forecast
Proceeding from Elliott wave rules today, the trend is expected to begin the upwards movement. That is why long positions at level 1.0240 with stop loss at 1.0116 and take profit at 1.0300 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
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