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Market Overview
Yesterday the AUD/USD pair was trading within the upward movement. During the Europe session this major pair started pushing higher to the 2 weeks high at 1.0855 level. The AUD/USD did not manage to hold at this level, therefore during the early New York session the pair started pushing lower to a new daily low at 1.0715.Today in Asian market despite a bad economic data from Australia this major pair start pushing higher to the 1.0765 level(50EMA resistance).Today the AUD/USD is expected to go higher.Also it is necessary to consider the data concerning the USD Unemployment Claims, Fed Chairman Bernanke Testifies and ISM Manufacturing PMI.
Support and Resistance levels
(S3) 1.0627 (S2) 1.0681 (S1) 1.0714 (PP) 1.0768 (R1) 1.0822 (R2) 1.0855 (R3) 1.0909
AUD/USD Elliott Wave Analysis
The AUD/USD pair finished the 1 wave of the bigger wave (3) at level 1.0855 and wave 2 at 1.0715.Presently we can observe start of 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(1.0653-1.0855-1.0715) with first Take Profit 1.0872(78.6% of wave 1) and second Take Profit level at 1.0914(100% of wave 1).For stop loss we can use support level at 1.0700.
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 1.0700, Take Profit 1 at 1.0872 and Take Profit 2 at 1.0914 are recommended.
