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Market Overview
Yesterday the AUD/USD pair was trading within the upward movement. During the early European session this major started pushing lower to the 1.0650 level. The AUD/USD pair did not manage to hold this level, therefore during the New York session the pair moved to the new 5 days high 1.0784. Today we can observe the continuation of the bullish mood as the price is above 1.0780 level. Today the AUD/USD pair is expected to go higher. Also it is necessary to consider the data concerning the USA Core Durable Goods Orders m/m and CB Consumer Confidence that could affect the rate of the pair.
Support and Resistance levels
(S3) 1.0596 (S2) 1.0648 (S1) 1.0679 (PP) 1.0730 (R1) 1.0782 (R2) 1.0813 (R3) 1.0864
AUD/USD Elliott Wave Analysis
The AUD/USD pair finished the (2) wave of the bigger wave 5 at level 1.0653. Presently we can observe the wave (3). According to our wave rules and taking into consideration that the wave (3) is the longest, we can define the potential targets with help of Fibonacci extension (1.0597-1.0754-1.0653) with first Take Profit at level 1.0855(127.2% of wave (1)) and second Take Profit at 1.0910 (161.8% of wave (1)). For stop loss we can use support level at 1.0720.
Trading Forecast
Proceeding from Elliott Wave Rules, today the trend is expected to begin the upward movement. That is why Long position at levels 1.0790 with Stop Loss at 1.0720, Take Profit 1 at 1.0855 and Take Profit 2 at 1.0910 are recommended.
