AUDUSD Elliott Wave
Since our last analyses the AUD/USD pair has been trading upwards, just like we expected, impulsive wave .5 (coloured green) of the bigger wave C (coloured blue) has been developing. During the Friday's Asian and European sessions we could observe ascending movement from 0.9156 towards the 0.9195 level. Therefore, during the New York session this major currency has continued trading in a bullish mood and the price has reached a new daily high at 0.9234 level. At the moment the AUD/USD pair is trading around 0.9213 level and we expect to see the price staying in a bullish mood for the next few sessions. In accordance with our wave rules and taking into account that wave 5 should retrace 61.8% of wave 3, we can define the potential targets with measuring wave 3 with take profit at 0.9315 (61.8% of wave 3). To reduce the risk, we can use invalidation point at 0.9120 level as stop loss.
Support and Resistance
(S3) 0.9109 (S2) 0.9139 (S1) 0.9158 (PP) 0.9189 (R1) 0.9219 (R2) 0.9238 (R3) 0.9269
Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upwards movement. That is why long positions at level 0.0235 with stop loss at 0.9120 and take profit at 0.9315 are recommended.
