AUD/USD Elliott Wave Since our last analyses, the AUDUSD pair has been trading downwards just like we expected, corrective wave A (coloured blue) of the bigger wave (x) (coloured green) has been developing. Yesterday, during the Asian and European sessions we could observe strong descending movement from 0.9755 towards the 0.9630 level. Therefore, during the early New York session this major pair continued pushing lower and the price reached a new daily low at the 0.9605 level. We can consider this move as the end of the first leg of the (x) wave (coloured green). At the moment, the AUDUSD pair is trading around 0.9659 and we are expecting to see one more push lower to complete the c of (x) wave. 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 0.9775 level as stop loss.
Support and Resistance (S3) 0.9416 (S2) 0.9511 (S1) 0.9566 (PP) 0.9661 (R1) 0.9716 (R2) 0.9811 (R3) 0.9866
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 0.9650 with stop loss at 0.9755 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 analyses, the AUDUSD pair has been trading downwards just like we expected, corrective wave A (coloured blue) of the bigger wave (x) (coloured green) has been developing. Yesterday, during the Asian and European sessions we could observe strong descending movement from 0.9755 towards the 0.9630 level. Therefore, during the early New York session this major pair continued pushing lower and the price reached a new daily low at the 0.9605 level. We can consider this move as the end of the first leg of the (x) wave (coloured green). At the moment, the AUDUSD pair is trading around 0.9659 and we are expecting to see one more push lower to complete the c of (x) wave. 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 0.9775 level as stop loss.
Support and Resistance
(S3) 0.9416 (S2) 0.9511 (S1) 0.9566 (PP) 0.9661 (R1) 0.9716 (R2) 0.9811 (R3) 0.9866
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 0.9650 with stop loss at 0.9755 and take profit at 0.9515 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
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