AUD/USD Elliott Wave
Since our last analyses the AUDUSD pair has continued trading lower, impulsive wave .v (coloured black) of the bigger wave c (coloured blue) has been developing. During the Wednesday's Asian and European session we could observe ascending movement from 0.9098 towards the 0.9136 level. Therfore, during the early New York session this major pair did not manage to hold this level and price has retraced back to 0.9063 level. We can consider this move as the end of the wave b (coloured red). In accordance with our wave rules and taking into account that wave C should retrace 100% of wave A, we can define the potential targets with measuring wave A with take profit at 0.9985 (100% of wave A). To reduce the risk, we can use invalidation at 0.9000 level as stop loss.
Support and Resistance
(S3) 0.8976 (S2) 0.9020 (S1) 0.9049 (PP) 0.9093 (R1) 0.9122 (R2) 0.9166 (R3) 0.9195
Trading forecast
Proceeding from Elliot Wave rules today, the trend is expected to begin the upwards movement. That is why long position at level 0.9300 with stop loss at 0.9000 and take profit at 0.9985 are recommended.
