AUD/USD Elliott Wave Yesterday the AUD/USD pair was trading within the upward movement. During the Asian session we could observe the descending movement towards the point 1.0304. We can consider this move as the end of the wave 2 (coloured blue). The AUD/USD pair did not manage to hold this level and we can observe the strong bullish mood during the European and New York sessions towards the 1.0417 level. We can consider this move as end of wave 1 (coloured pink) of the bigger wave 3 (coloured blue).Today during the Asian market the AUD/USD pair start pushing in a downward move to the 1.0370 level and we expect to see the price back to 1.0400 level today. Presently we can observe the end of the wave 2 (coloured pink), so we can enter Long for 3 wave. In accordance with our wave rules and taking into account that the wave 3 retraces 161.8% of the wave 1, we can define the potential targets with Fibonacci extensions (1.0304-1.0417-1.0348); the First Take Profit at 1.0469 (100% of wave 1) and Second Take Profit at 1.0540 (161.8% of wave 1). For Stop Loss we can use the invalidation point at 1.0304. Also it is necessary to consider the data concerning the U.S Crude Oil Inventories that can affect the rate of the pair.
Support and Resistance levels (S3) 1.0256 (S2) 1.0300 (S1) 1.0326 (PP) 1.0370 (R1) 1.0414 (R2) 1.0440 (R3) 1.0484
Trading Forecast Proceeding from Elliott Wave Rules, today the trend is expected to begin the upward movement. That is why long positions at level 1.0380 with Stop Loss at 1.0304, Take Profit 1 at 1.0469 and Take Profit 2 at 1.0540 are recommended.
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