AUD/USD Elliott Wave
From the start of this week, the AUD/USD pair was trading upwards, corrective wave C (coloured blue) of the bigger wave (2) (coloured green) was developing. Yesterday during the Asian and European session we could observe ascending movement from 1.0274 towards 1.0314 level. Therefore, during the New York session this major pair continued trading in a bullish mood and the price reached a new daily high at 1.0330 level. Today the AUD/USD pair is trading around 1.0335 level and we expect to see the price above 1.0450 level soon. In accordance with our wave rules and taking into account that the wave 2 should retrace 61.8% of the wave 1 we can define the potential targets with measuring wave 1 with take profit at 1.0456 (61.8% of wave 1). To reduce the risk, we can use support at 1.0305 level as stop loss.
Support and Resistance
(S3) 1.0258 (S2) 1.0273 (S1) 1.0282 (PP) 1.0298 (R1) 1.0313 (R2) 1.0322 (R3) 1.0338
Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 1.0340 with stop loss at 1.0305 and take profit at 1.0465 are recommended.
