AUD/USD Elliott Wave For the last few days the AUDUSD pair has been trading upwards, corrective wave A (coloured blue) of the bigger wave (y) (coloured green) has been developing. Yesterday, during the Asian and European sessions we could observe an ascending movement from 0.9410 towards the 0.9482 level, and we can consider this move as the end of the wave A (coloured blue). Therefore, during the early New York session this currency pair did not manage to hold this levels and the price dropped back to the 0.9415 level. At the moment, the AUDUSD pair is trading around the 0.9438 level, and we are expecting to see one more drop lower, before the price continues to move in a bullish mood. In accordance with our wave rules and taking into account that wave B should retrace 61.8% of wave A, we can define the potential targets with measuring wave A with take profit at 0.9390 (61.8% of wave A). To reduce the risk, we can use invalidation point at the 0.9460 level as stop loss.
Support and Resistance (S3) 0.9322 (S2) 0.9366 (S1) 0.9395 (PP) 0.9439 (R1) 0.9468 (R2) 0.9512 (R3) 0.9541
Trading forecast Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movements. That is why short positions at the level of 0.9425 with stop loss at 0.9260 and take profit at 0.9390 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
AUD/USD Elliott Wave
For the last few days the AUDUSD pair has been trading upwards, corrective wave A (coloured blue) of the bigger wave (y) (coloured green) has been developing. Yesterday, during the Asian and European sessions we could observe an ascending movement from 0.9410 towards the 0.9482 level, and we can consider this move as the end of the wave A (coloured blue). Therefore, during the early New York session this currency pair did not manage to hold this levels and the price dropped back to the 0.9415 level. At the moment, the AUDUSD pair is trading around the 0.9438 level, and we are expecting to see one more drop lower, before the price continues to move in a bullish mood. In accordance with our wave rules and taking into account that wave B should retrace 61.8% of wave A, we can define the potential targets with measuring wave A with take profit at 0.9390 (61.8% of wave A). To reduce the risk, we can use invalidation point at the 0.9460 level as stop loss.
Support and Resistance
(S3) 0.9322 (S2) 0.9366 (S1) 0.9395 (PP) 0.9439 (R1) 0.9468 (R2) 0.9512 (R3) 0.9541
Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movements. That is why short positions at the level of 0.9425 with stop loss at 0.9260 and take profit at 0.9390 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: