AUDUSD Elliott Wave
For the last few days the AUD/USD pair has been trading upwards, corrective wave C (coloured blue) of the bigger wave (4) (coloured green) has been developing. Yesterday, during the Asian session we could observe ascending movement from 0.9170 towards the 0.9232 level.Therefore, during the New York session this major currency has continued trading higher and the price has reached a new high at 0.9285 level. At the moment the AUD/USD pair is trading around 0.9255 and we expect to see one more push higher before we can say that wave .v (coloured green) is over. 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 support point at 0.9220 level as stop loss.
Support and Resistance
(S3) 0.9094 (S2) 0.9134 (S1) 0.9190 (PP) 0.9230 (R1) 0.9286 (R2) 0.9326 (R3) 0.9382
Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upwards movement. That is why long positions at level 0.9265 with stop loss at 0.9220 and take profit at 0.9315 are recommended.
