_source!.png)
AUD/USD Elliott Wave
The AUD/USD pair was trading in a sideways movement for the last few days.On Thursday we could observe the end of wave 1 and 2 (coloured pink). During the Friday's European session we could observe the price touching 100EMA resistance. Therefore during the New York session the AUD/USD pair did not manage to hold this level and we could observe the price under the 1.0270 level. We can consider this move as subways 1 and 2 of the 3 wave. Today during the Asian session we could observe the continuation of the bearish mood and price reaching 1.0260 level. Presently we can observe 3 wave (coloured pink) of the bigger 1 wave (colured blue). In accordance with our wave rules and taking into account that the wave 3 retraces161.8% of the wave 1, we can define the potential targets with Fibonacci extensions (1.0243-1.0323-1.0252); the First Take Profit at 1.0381 (161.8% of wave 1). For Stop Loss we can use the support at 1.0252.
Support and Resistance levels
(S3) 1.0239 (S2) 1.0263 (S1) 1.0279 (PP) 1.0304 (R1) 1.0328 (R2) 1.0344 (R3) 1.0369
Trading Forecast
Proceeding from Elliott Wave Rules, today the trend is expected to begin the upward movement. That is why long positions at level 1.0290 with Stop Loss at 0.0252 and Take Profit at 1.0381 are recommended.
