AUD/USD Elliott Wave For the last few week the AUD/USD pair is trading downwards, corrective wave (C) (coloured red) of the bigger wave E (coloured blue) has been developing. Yesterday, during the Asian and Europan sessions we could observe descending movement from 1.0009 towards the 0.9955 level. Therefore, during the New York session this major currency has continued trading in a bearish mood and the price has reached a new low at 0.9945 level. At the moment the AUD/USD pair is trading around 0.9933 level and we expect to see the price lower for the end of the wave (C) (coloured red). In accordance with our wave rules and taking into account that wave E should retrace 61.8% of wave C, we can define the potential targets with measuring wave C with take profit at 0.9813 (61.8% of wave C). To reduce the risk, we can use resistance point at 1.0100 level as stop loss. Support and Resistance (S3) 0.9847 (S2) 0.9893 (S1) 0.9922 (PP) 0.9968 (R1) 0.9997 (R2) 1.0043 (R3) 1.0072 Trading forecast Proceeding from Elliott Wave rules today, the trend is expected to begin the downwards movement. That is why short positions at level 0.9950 with stop loss at 1.0100 and take profit at 0.9813 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
AUD/USD Elliott Wave
For the last few week the AUD/USD pair is trading downwards, corrective wave (C) (coloured red) of the bigger wave E (coloured blue) has been developing. Yesterday, during the Asian and Europan sessions we could observe descending movement from 1.0009 towards the 0.9955 level. Therefore, during the New York session this major currency has continued trading in a bearish mood and the price has reached a new low at 0.9945 level. At the moment the AUD/USD pair is trading around 0.9933 level and we expect to see the price lower for the end of the wave (C) (coloured red). In accordance with our wave rules and taking into account that wave E should retrace 61.8% of wave C, we can define the potential targets with measuring wave C with take profit at 0.9813 (61.8% of wave C). To reduce the risk, we can use resistance point at 1.0100 level as stop loss.
Support and Resistance
(S3) 0.9847 (S2) 0.9893 (S1) 0.9922 (PP) 0.9968 (R1) 0.9997 (R2) 1.0043 (R3) 1.0072
Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downwards movement. That is why short positions at level 0.9950 with stop loss at 1.0100 and take profit at 0.9813 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
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