AUD/USD Elliott Wave
Since our last analyses the AUDUSD pair has been trading sideways, corrective wave C (coloured blue) of the bigger wave (y) (coloured green) has been developing. During the Monday's Asian session we could observe descending movement from 0.9448 towards the 0.9387 level. Therefore, during the New York session this major currency did not manage to hold this levels and the price retraced back to the 0.9447 level. At the moment, the AUDUSD pair is trading around 0.9440 and we are expecting to see more bullish movement today. In accordance with our wave rules and taking into account that wave Y should retrace 123.6% of wave X, we can define the potential targets with measuring wave X with take profit at 0.9542 (123.6% of wave A). To reduce the risk, we can use resistance point at the 0.9370 level as stop loss.
Support and Resistance
(S3) 0.9333 (S2) 0.9360 (S1) 0.9394 (PP) 0.9421 (R1) 0.9455 (R2) 0.9482 (R3) 0.9516
Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movements. That is why long positions at the level of 0.9450 with stop loss at 0.9370 and take profit at 0.9542 are recommended.
