AUD/USD Elliott Wave
Since our last analysis, the AUD/USD pair has been trading upwards, impulsive wave (i) (coloured blue) of the bigger wave [v] (coloured green) has been developing. In the 1-hour chart above, we can observe that ascending movements from the 0.9223 level has found resistance at the 0.9295 level. We are going to look at this move as the end of the impulsive wave i of (i), and while the price remains above the 0.9223 low, we are going to look for more buying positions in this major pair. In accordance with our wave rules and taking into account that wave [iii] should extend 161.8% of wave [i], we can define the potential targets with measuring wave [i] with take profit at 0.9368 (161.8% of wave [i]).
Support and Resistance
(S3) 0.9182, (S2) 0.9204, (S1) 0.9236, (PP) 0.9258, (R1) 0.9290, (R2) 0.9312, (R3) 0.9344.
Trading forecast
Proceeding from Elliot Wave rules today, the trend is expected to begin the upward movements. That is why long positions at the level of 0.9280 with stop loss at 0.9223 take profit at 0.9368 are recommended.
