AUDUSD Elliott Wave
For the last couple of months the AUDUSD pair has been trading in a strong bearish movements and we can say that downwards move is impulsive structure of the final C wave (coloured black). From the 5 waves moves that we need to see in this C wave we got completed only 4 wave, and if this count is correct, we are going to see one more swing lower before C wave (coloured black) ends. 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 0.8486 (61.8% of wave 3). To reduce the risk, we can use resistance point at 0.9400 level as stop loss.
Support and Resistance
(S3) 0.8906 (S2) 0.9019 (S1) 0.9092 (PP) 0.9205 (R1) 0.9278 (R2) 0.9391 (R3) 0.9464
Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downwards movement. That is why short positions at level 0.9150 with stop loss at 0.9400 and take profit at 0.8486 are recommended.
