AUD/USD Elliott Wave
Since our last analyses, the AUDUSD pair has continued trading downwards, corrective wave (c) (coloured blue) of the bigger wave (x) (coloured green) has been developing. During Monday's Asian session, we could observe an ascending movement from 0.9583 towards the 0.9621 level. Therefore, during the European and New York sessions, this currency pair did not manage to hold this levels and the price has dropped to 50% of the wave (w). At the moment, we are seeing the price trading around the 0.9511 level, and we are expecting to push higher in the next few sessions. In accordance with our wave rules and taking into account that wave y should retrace 100% of wave y, we can define the potential targets with measuring wave w with take profit at 0.9936 (100% of wave w). To reduce the risk, we can use support point at 0.9350 as stop loss.
Support and Resistance
(S3) 0.9477, (S2) 0.9516, (S1) 0.9544, (PP) 0.9583, (R1) 0.9611, (R2) 0.9650, (R3) 0.9678.
Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin upward movements. That is why long positions at the level of 0.9465 with stop loss at 0.9350 and take profit at 0.9936 are recommended.
