AUD/USD Elliott Wave
Last week, the AUDUSD pair was trading upwards, corrective wave C (coloured blue) of the bigger wave (4) (coloured red) was developing. During the Friday's Asian and European sessions we could observe ascending movement from 0.9125 towards the 0.9175 level.Therefore, during the New York session this major pair continued trading with the bullish mood and the price reached a new high at the 0.9215 level. At the moment, the AUDUSD pair is trading around 0.9200 and we are expecting to see more bullish movements today. 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 0.9295 (61.8% of wave 3). To reduce the risk, we can use invalidation point at 0.915 as stop loss.
Support and Resistance
(S3) 0.9030, (S2) 0.9072, (S1) 0.9131, (PP) 0.9173, (R1) 0.9232, (R2) 0.9274, (R3) 0.9333.
Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin upward movement. That is why long positions at 0.9210 with stop loss at 0.9150 and take profit at 0.9295 are recommended.
