AUD/USD Elliott Wave For the last few days the AUD/USD pair has been trading downwards, ending diagonal inside the last .v wave (coloured black) of the bigger c wave (coloured blue) has been developing. Yesterday, during the Asian session we could obesrve ascending movement from 0.9112 towards the 0.9148 level and we can consider this move as the end of the ii wave (coloured purple). Therefore, during the European and New York session this major currency did not manage to hold around the highs and price has retraced back to 0.9067 level. At the moment the AUDUSD pair is trading around 0.9067 and we are expecting to see more bearish movements before price turns higer in the c wave (coloured red). In accordance with our wave rules and taking into account that wave 5 should retrace 61.8% of wave 3, we can define the potential targets with measuring wave 3 with take profit at 0.8995 (61.8% of wave 3). To reduce the risk, we can use invalidation point at 0.9150 level as stop loss.
Support and Resistance (S3) 0.8993 (S2) 0.9033 (S1) 0.9068 (PP) 0.9108 (R1) 0.9143 (R2) 0.9183 (R3) 0.9218
Trading forecast Proceeding from Elliot Wave rules today, the trend is expected to begin the downwards movements. That is why short position at level 0.9100 with stop loss at 0.9150 and take profit at 0.8995 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
AUD/USD Elliott Wave
For the last few days the AUD/USD pair has been trading downwards, ending diagonal inside the last .v wave (coloured black) of the bigger c wave (coloured blue) has been developing. Yesterday, during the Asian session we could obesrve ascending movement from 0.9112 towards the 0.9148 level and we can consider this move as the end of the ii wave (coloured purple). Therefore, during the European and New York session this major currency did not manage to hold around the highs and price has retraced back to 0.9067 level. At the moment the AUDUSD pair is trading around 0.9067 and we are expecting to see more bearish movements before price turns higer in the c wave (coloured red). In accordance with our wave rules and taking into account that wave 5 should retrace 61.8% of wave 3, we can define the potential targets with measuring wave 3 with take profit at 0.8995 (61.8% of wave 3). To reduce the risk, we can use invalidation point at 0.9150 level as stop loss.
Support and Resistance
(S3) 0.8993 (S2) 0.9033 (S1) 0.9068 (PP) 0.9108 (R1) 0.9143 (R2) 0.9183 (R3) 0.9218
Trading forecast
Proceeding from Elliot Wave rules today, the trend is expected to begin the downwards movements. That is why short position at level 0.9100 with stop loss at 0.9150 and take profit at 0.8995 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
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