AUD/USD Elliott Wave Since our last analysis the AUD/USD pair has been trading downwards, corrective wave (C) (coloured green) of the bigger wave 2 (coloured purple) has been developing. During the Monday’s Asian and European sessions we could observe strong descending movement from 1.0522 towards the 1.0395 level. Therefore, during the New York session this major currency has continued trading in a bearish mood and the price has reached a new session low at 1.0290 level. We can consider this move as the end of the final (C) wave (coloured green). At the moment the AUD/USD pair is trading around 1.0345 area and we expect to see the price higher in the next few sessions. In accordance with our wave rules and taking into account that the wave 3 should retrace 161.8% of the waves 1, we can define the potential targets with measuring wave 1 with take profit at 1.0476 (161.8% of wave 1). To reduce the risk, we can use invalidation point at 1.0291 level as stop loss.
Support and Resistance (S3) 0.9993 (S2) 1.0142 (S1) 1.0226 (PP) 1.0375 (R1) 1.0459 (R2) 1.0608 (R3) 1.0692
Trading forecast Proceeding from Elliott Wave rules today, the trend is expected to begin the upwards movement. That is why long positions at level 1.0350 with stop loss at 1.0291 and take profit at 1.0476 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
AUD/USD Elliott Wave
Since our last analysis the AUD/USD pair has been trading downwards, corrective wave (C) (coloured green) of the bigger wave 2 (coloured purple) has been developing. During the Monday’s Asian and European sessions we could observe strong descending movement from 1.0522 towards the 1.0395 level. Therefore, during the New York session this major currency has continued trading in a bearish mood and the price has reached a new session low at 1.0290 level. We can consider this move as the end of the final (C) wave (coloured green). At the moment the AUD/USD pair is trading around 1.0345 area and we expect to see the price higher in the next few sessions. In accordance with our wave rules and taking into account that the wave 3 should retrace 161.8% of the waves 1, we can define the potential targets with measuring wave 1 with take profit at 1.0476 (161.8% of wave 1). To reduce the risk, we can use invalidation point at 1.0291 level as stop loss.
Support and Resistance
(S3) 0.9993 (S2) 1.0142 (S1) 1.0226 (PP) 1.0375 (R1) 1.0459 (R2) 1.0608 (R3) 1.0692
Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upwards movement. That is why long positions at level 1.0350 with stop loss at 1.0291 and take profit at 1.0476 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
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