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Market Overview
Yesterday the AUD/USD pair was trading within the downward movement. During the European session the major started the descending movement to the 1.0670 level.Therefore, during the New York session the AUD/USD pair continued in the bearish mood.The AUD/USD pair finished Monday's New York session at 1.0666 level.Today during the Asian session we could observe the continuation of downward movement after RBA Statement.Today the AUD/USD pair is expected to test 1.0590 level before reaching a new high..
Support and Resistance levels
(S3) 1.0603 (S2) 1.0636 (S1) 1.0656 (PP) 1.0690 (R1) 1.0723 (R2) 1.0743 (R3) 1.0777
AUD/USD Elliott Wave Analysis
The AUD/USD pair has finished the wave B of the bigger wave 4 in the point 1.0815. Presently we can observe the final wave C of this triple combination in the wave 4. In accordance with our wave rules and taking into account that the wave 5 will is equal to the wave1, we can define the potential targets at 1.0877 for first Take Profit (38.2% of wave i) and second Take Profit at 1.0962(50% of wave i). For Stop Loss we can use the support level at 1.0525.
Trading Forecast
Considering Elliott Wave Rules, today the trend is expected to begin the upward movement. That is why Long position at levels 1.0635 with Stop Loss at 1.0525, Take Profit 1 at 1.0877 and Take Profit 2 at 1.0962 are recommended.
