AUDUSD Elliott Wave
For the last few days the AUD/USD pair was trading upwards, our first invalidation was broken, so we adjusted our wave count a little bit. Yesterday, during the Asian and European sessions we could observe ascending movement from 0.9040 towards the 0.9133 level. Therefore, during the New York session this major currency did not manage to hold this levels and the price retraced back to 0.9083. At the moment, the AUD/USD pair is trading around 0.9152 and we are expecting to see end of the .c wave of the bigger W wave in the next few sessions. In accordance with our wave rules and taking into account that wave X should retrace 50% of wave X, we can define the potential targets with measuring wave W with take profit at 0.9010 (50% of wave W). To reduce the risk, we can use resistance point at 0.9130 level as stop loss.
Support and Resistance
(S3) 0.8861 (S2) 0.8922 (S1) 0.9011 (PP) 0.9072 (R1) 0.9161 (R2) 0.9222 (R3) 0.9311
Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upwards movement. That is why long positions at the level of 0.9100 with stop loss at 0.9130 and take profit at 0.9010 are recommended.
