AUD/USD Elliott Wave For the last few days the AUD/USD pair has been trading downwards, corrective wave c (coloured blue) of the bigger wave b (coloured red) has been developing. During Friday’s Asian and European sessions, we could observe a strong descending movement from 0.9247 towards the 0.9166 level. Therefore, during the early New York session this major currency continued trading with the bearish mood and the price reached a new session low of 0.9142. At the moment, the AUD/USD pair is trading around 0.9129, and we are expecting to see the end of the final .v swing in the next session. It will give us a good long opportunity for the week ahead. In accordance with our wave rules and taking into account that wave C should retrace 100% of wave A, we can define the potenial targets with measuring wave A with take profit at 1.0078 (100% of wave A). To reduce the risk, we can use a support point at the 0.9000 level as stop loss.
Support and Resistance (S3) 0.9017, (S2) 0.9079, (S1) 0.9124, (PP) 0.9186, (R1) 0.9231, (R2) 0.9293, (R3) 0.9338.
Trading forecast Proceeding from Elliot Wave rules today, the trend is expected to begin upward movements. That is why long positions at the level of 0.9200 with stop loss at 0.9000 and take profit at 1.0078 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
AUD/USD Elliott Wave
For the last few days the AUD/USD pair has been trading downwards, corrective wave c (coloured blue) of the bigger wave b (coloured red) has been developing. During Friday’s Asian and European sessions, we could observe a strong descending movement from 0.9247 towards the 0.9166 level. Therefore, during the early New York session this major currency continued trading with the bearish mood and the price reached a new session low of 0.9142. At the moment, the AUD/USD pair is trading around 0.9129, and we are expecting to see the end of the final .v swing in the next session. It will give us a good long opportunity for the week ahead. In accordance with our wave rules and taking into account that wave C should retrace 100% of wave A, we can define the potenial targets with measuring wave A with take profit at 1.0078 (100% of wave A). To reduce the risk, we can use a support point at the 0.9000 level as stop loss.
Support and Resistance
(S3) 0.9017, (S2) 0.9079, (S1) 0.9124, (PP) 0.9186, (R1) 0.9231, (R2) 0.9293, (R3) 0.9338.
Trading forecast
Proceeding from Elliot Wave rules today, the trend is expected to begin upward movements. That is why long positions at the level of 0.9200 with stop loss at 0.9000 and take profit at 1.0078 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
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