AUDUSD Elliott Wave
Since our last analyses the AUDUSD pair has continued trading downwards, so we adjust our wave count a little bit. During the Wednesday's European session we could observe ascending movement from 0.8998 towards the 0.9056 level. Therefore, during the early New York session this commodity currency did not manage to hold this levels and price has dropped to 0.8965 level. At the moment, the AUDUSD pair is trading around 0.8980 and we are expecting to see another three waves higher when developing of the Y wave starts.In accordance with our wave rules and taking into account that wave W should retrace 100% of wave Y, we can define the potential targets with measuring wave W with take profit at 0.9295 (100% of wave Y). To reduce the risk, we can use support point at the 0.8940 level as stop loss.
Support and Resistance
(S3) 0.8826 (S2) 0.8895 (S1) 0.8934 (PP) 0.9003 (R1) 0.9042 (R2) 0.9111 (R3) 0.9150
Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upwards movement. That is why long positions at level 0.9030 with stop loss at 0.8940 and take profit at 0.9295 are recommended.
