AUD/USD Elliott Wave Since our last analysis, the AUDUSD pair has continued trading upwards, corrective wave c (coloured blue) of the bigger wave (w) (coloured green) has been developing. Yesterday, during the Asian and European sessions, we could observe an ascending movement from 0.6452 towards the 0.9730 level, and we can consider this move as the end of the (w) wave (coloured green). Therefore, during the New York session this major pair did not manage to hold this level and the price retraced back to the 0.9692 level. At the moment, the AUDUSD pair is trading around the 0.9650 level, and we expect to see more bearish movement for the next few sessions. In accordance with our wave rules and taking into account that wave x should retrace 50% of wave w, we can define the potential targets with measuring wave w with take profit at 0.9512 (50% of wave w). To reduce the risk, we can use resistance point at the 0.9730 level as stop loss.
Support and Resistance (S3) 0.9572, (S2) 0.9607, (S1) 0.9659, (PP) 0.9694, (R1) 0.9746, (R2) 0.9781, (R3) 0.9833.
Trading forecast Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movements. That is why short position at the level of 0.9680 with stop loss at 0.9730 and take profit at 0.9515 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
AUD/USD Elliott Wave
Since our last analysis, the AUDUSD pair has continued trading upwards, corrective wave c (coloured blue) of the bigger wave (w) (coloured green) has been developing. Yesterday, during the Asian and European sessions, we could observe an ascending movement from 0.6452 towards the 0.9730 level, and we can consider this move as the end of the (w) wave (coloured green). Therefore, during the New York session this major pair did not manage to hold this level and the price retraced back to the 0.9692 level. At the moment, the AUDUSD pair is trading around the 0.9650 level, and we expect to see more bearish movement for the next few sessions. In accordance with our wave rules and taking into account that wave x should retrace 50% of wave w, we can define the potential targets with measuring wave w with take profit at 0.9512 (50% of wave w). To reduce the risk, we can use resistance point at the 0.9730 level as stop loss.
Support and Resistance
(S3) 0.9572, (S2) 0.9607, (S1) 0.9659, (PP) 0.9694, (R1) 0.9746, (R2) 0.9781, (R3) 0.9833.
Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movements. That is why short position at the level of 0.9680 with stop loss at 0.9730 and take profit at 0.9515 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: