AUD/USD Elliott Wave Yesterday the AUD/USD pair was trading in an upward movement developing impulsive 3 wave. During the European session we could observe ascending movement toward the 0.9930 level. Therefore during the New York session AUD/USD continued trading in a bullish mood and price reached a new daily high at the 0.9966 level. Today during the Asian session the AUD/USD pair found support at 0.9930 and price continued pushing higher. At the moment we are in the middle of the impulsive 3 wave (coloured pink) and we expect to see the price higher today. 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 Fibonacci extensions (0.9820-1.0008-0.9850) with Take Profit 1 at 1.0087 (127.2% of wave 1) and Take Profit 2 at 1.0152 (161.8% of wave 1). Support level at 0.9930 can be used as a Stop Loss point. Also it is necessary to monitor the U.S. Core Retail Sales m/m, PPI m/m, Retail Sales m/m, Core PPI m/m, Business Inventories m/m, Crude Oil Inventories and 10-y Bond Auction data that can change the rate of the pair.
Support and Resistance Levels (S3) 0.9808 (S2) 0.9852 (S1) 0.9880 (PP) 0.9925 (R1) 0.9969 (R2) 0.9997 (R3) 1.0042
Trading Forecast Proceeding from Elliott Wave Rules this week, the trend is expected to begin the upward movement. That is why Long positions at level 1.0000 with Stop Loss at 0.9930 Take Profit 1 at 1.0087 and Take Profit 2 at 1.0152 are recommended.
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