AUDUSD Elliott Wave
Since our last analyses the AUDUSD pair has been trading downwards, so we extended our blue X wave a little bit. Yesterday, during the Asian session we could observe ascending movement from 0.9117 towards 0.9188 and we are counting this move as the end of the .X wave (coloured gree). Therefore, during the European and New York sessionы when developing of the final Y wave starts this currency push aggressively lower and the price make a new low at 0.9057. We are considering this move as the end of the X wave (coloured blue). At the moment the AUDUSD pair is trading around 0.9174 and we should see price higher for the next few days.In accordance with our wave rules and taking into account that wave Y should retrace 100% of wave W, we can define the potential targets with measuring wave Y with take profit at 0.9431 (100% of wave W). To reduce the risk, we can use support point at 0.9050 level as stop loss.
Support and Resistance
(S3) 0.8938 (S2) 0.8998 (S1) 0.9069 (PP) 0.9129 (R1) 0.9200 (R2) 0.9260 (R3) 0.9331
Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upwards movement. That is why long positions at level 0.0200 with stop loss at 0.9050 and take profit at 0.9431 are recommended.
