AUD/USD Elliott Wave Yesterday the AUD/USD pair was developing wave A (coloured blue) of the bigger (C) wave (coloured green). During the Asian session the AUD/USD pair started a descending movement towards the 1.0052 level. This level was tested in a European session but the AUD/USD did not manage to brake it before New York open. Finally we could observe the price lowering in the New York session when it touched the 1.0020 support. We can consider this move as the end of the A wave (coloured blue). Today after Australia published positive Unemployment Rate and Employment Change, the price of the AUD/USD pair has started pushing higher and it is currently testing the 1.0110 level. We are expecting the price at 1.0200 soon for the end of the B wave (coloured blue).In accordance with our wave rules and taking into account that the wave (B) retraces 61.8% of the wave (A), we can define the potential targets with Fibonacci retracement (1.0473-1.0020); the First Take Profit at 1.0247 (50% of wave A) and Second Take Profit at 1.0300 (61.8% of wave A). As Stop Loss we can use the resistance point at 1.0020. It is also necessary to consider the data concerning the US Trade Balance, Unemployment Claims, Import Prices m/m, Fed Chairman and Federal Budget Balance Bernanke Speech that can affect the rate of the pair
Support and Resistance levels (S3) 0.9963 (S2) 1.0002 (S1) 1.0026 (PP) 1.0065 (R1) 1.0104 (R2) 1.0128 (R3) 1.0167
Trading Forecast Proceeding from Elliott Wave Rules, today the trend is expected to begin the upward movement. That is why Long positions at level 1.0120 with Stop Loss at 1.0020, Take Profit 1 at 1.0247 and Take Profit 2 at 1.0300 are recommended.
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