AUD/USD Elliott Wave
Since our last analyses the AUDUSD pair has been trading upwards, just like we expected, corrective wave a (coloured blue) of the bigger wave [b] (coloured black) has been developing. Yesterday, during the Asian and European sessions, we could observe ascending movements from 0.9441 towards the 0.9501 level. Therefore, during the New York session this major pair continued trading upwards, and we could see the price at the next highs around the 0.9520 level. We can consider this move as the end of the wave a (coloured blue). At the moment, the AUDUSD pair is trading around the 0.9480 level, and we are expecting to see more upward movements today. In accordance with our wave rules and taking into account that wave B should retrace 50% of wave A, we can define the potential targets with measuring wave A with take profit at 0.9588 (50% of wave A). To reduce the risk, we can use the support point at the 0.9420 level as stop loss.
Support and Resistance
(S3) 0.9382 (S2) 0.9410 (S1) 0.9459 (PP) 0.9487 (R1) 0.9536 (R2) 0.9564 (R3) 0.9613
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 0.9500 with stop loss at 0.9420 and take profit at 0.9588 are recommended.
