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Market Overview
Yesterday the AUD/USD pair was trading within the downward movement. During the European session the major started a descending movement to 1.0570, during the New York session the AUD/USD pair continued the bearish mood.The AUD/USD pair finished Monday's New York session a few pips above the daily low at 1.0550. Today during the Asian session we could obse AUD/USD testing yesterday's low before we saw a slightly upward movement.Today the AUD/USD pair is expected to test 1.0650 level, but it is also necessary to consider the data on the US ADP Non-Farm Employment Change and Revised Nonfarm Productivity q/q as it can affect the rate of the pair.
Support and Resistance levels
(S3) 1.0423 (S2) 1.0487 (S1) 1.0526 (PP) 1.0589 (R1) 1.0653 (R2) 1.0692 (R3) 1.0755
AUD/USD Elliott Wave Analysis
The AUD/USD pair has finished the wave (B) of the bigger wave iv in the point 1.0815 and (C) wave in the point 1.0508. Presently we can observe (1) wave of the final wave v.In accordance with our wave rules and taking into account that the wave (1) will finish in 5 impulsive wave around 1.0650 and 1.0700 level. For Stop Loss we can use a 1.0510 support level
Trading Forecast
Considering Elliott Wave Rules, today the trend is expected to begin the upward movement. That is why long position at level 1.0590 with Stop Loss at 1.0510, Take Profit 1 at 1.0650 and Take Profit 2 at 1.0700 are recommended.
