AUD/USD Elliott WaveВ
The AUD/USD pair reached our invalidation point in the late New York session onВ Friday, we are looking at this pair at the moment as we are still developing correctiveВ wave (iv) (coloured red). In the 1-hour chart we can see clear five waves move from theВ 0.8864 level and we can consider this move as the wave .a (coloured black) of the biggerВ wave y (coloured blue). Break towards 0.8975 - 50% of the wave .a should provide us aВ new buying signal against the 0.8916 level (short-term invalidation) and from there weВ should see a price level above 0.9200. In accordance with our wave rules and taking into accountВ that wave C should retrace 100% of wave A, we can define the potential targets withВ measuring wave A with take profit at 0.9197 (100% of wave A).
Support and ResistanceВ
(S3) 0.8896 (S2) 0.8940 (S1) 0.8997 (PP) 0.9041 (R1) 0.9098 (R2) 0.9142 (R3) 0.9199
Trading forecastВ
Proceeding from Elliot Wave rules today, the trend is expected to begin upward movements. That is why long positions at level 0.8975 with stop loss at 0.8916 andВ take profit at 0.9197 are recommended.В В
