AUD/USD Elliott Wave Yesterday the AUD/USD pair was trading in a downward move developing corrective wave 4 (coloured pink) of the bigger 3 wave (coloured blue). During the Asian session we could observe descending movement toward the 1.0145 level. Therefore during the European session the AUD/USD pair did not manage to hold this level and price started pushing higher but at the opening of the New York session we could observe continuation of the bearish mood and price reaching the 1.0028 level. Today this major pair pushed lower and reached 1.0008 (end of 4 wave) and we are waiting to see 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 with Fibonacci extensions (0.9580-1.0005-0.9820) with Take Profit 1 at 1.0241 (100% of wave 1) and Take Profit 2 at 1.0356 (127.2% of wave 1). Invalidation at 1.0007 can be used as a Stop Loss point.
Support and Resistance Levels (S3) 0.9913 (S2) 0.9980 (S1) 1.0021 (PP) 1.0089 (R1) 1.0156 (R2) 1.0197 (R3) 1.0265
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 1.0060 with Stop Loss at 1.0007 Take Profit 1 at 1.0241 and Take Profit 2 at 1.0356 are recommended.
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