AUD/USD Elliott Wave Since our last analyses the AUDUSD pair has been trading downwards, just like we expected, corrective wave b (coloured blue) of the bigger wave (Y) (coloured green) has been developing. During the Wednesday’s Asian and European sessions we could observe ascending movement from 0.9412 towards the 0.9463 level. Therefore, during the early New York session this pair did not manage to stay at the highs and the price dropped to the 0.9421 level. At the moment, the AUDUSD pair is trading around the 0.9415 region, and we are expecting to see more bullish movement in the next few sessions. In accordance with our wave rules and taking into account that wave C should retrace 100% of wave A, we can define the potential targets with measuring wave A with take profit at 0.9590 (100% of wave A). To reduce the risk, we can use invalidation point at the 0.9380 level as stop loss.
Support and Resistance (S3) 0.9366 (S2) 0.9390 (S1) 0.9416 (PP) 0.9440 (R1) 0.9466 (R2) 0.9490 (R3) 0.9516
Trading forecast Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movements. That is why long positions at the level of 0.9425 with stop loss at 0.9380 and take profit at 0.9590 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
AUD/USD Elliott Wave
Since our last analyses the AUDUSD pair has been trading downwards, just like we expected, corrective wave b (coloured blue) of the bigger wave (Y) (coloured green) has been developing. During the Wednesday’s Asian and European sessions we could observe ascending movement from 0.9412 towards the 0.9463 level. Therefore, during the early New York session this pair did not manage to stay at the highs and the price dropped to the 0.9421 level. At the moment, the AUDUSD pair is trading around the 0.9415 region, and we are expecting to see more bullish movement in the next few sessions. In accordance with our wave rules and taking into account that wave C should retrace 100% of wave A, we can define the potential targets with measuring wave A with take profit at 0.9590 (100% of wave A). To reduce the risk, we can use invalidation point at the 0.9380 level as stop loss.
Support and Resistance
(S3) 0.9366 (S2) 0.9390 (S1) 0.9416 (PP) 0.9440 (R1) 0.9466 (R2) 0.9490 (R3) 0.9516
Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movements. That is why long positions at the level of 0.9425 with stop loss at 0.9380 and take profit at 0.9590 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
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