AUDUSD Elliott Wave
For the last few days the AUDUSD pair was trading downwards with a lot of overlapping and we think that bearish move from 0.9221 is correction X of wave (coloured blue) of the bigger (4) wave (coloured green). Yesterday, during the Asian session we could observe ascending movements from 0.9100 towards 0.9147. Therefore, during the European and New York sessions this major currency did not manage to hold this levels and the price retraced to 0.9072 ( a new session low). At the moment, the AUDUSD pair is trading around 0.9100 and we are expecting to see further developments in next few sessions. In accordance with our wave rules and taking into account that wave Y should retrace 100% of wave W, we can define potential targets with measuring wave Y with take profit at 0.9435 (100% of wave W). To reduce the risk, we can use support point at 0.8960 as stop loss.
Support and Resistance
(S3) 0.8998 (S2) 0.9035 (S1) 0.9073 (PP) 0.9110 (R1) 0.9148 (R2) 0.9185 (R3) 0.9223
Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upwards movement. That is why long postions at level 0.9140 with stop loss at 0.8960 and take profit at 0.9435 are recommended.
