AUD/USD Elliott Wave
For the last few weeks the AUD/USD pair was trading in a strong upward move, corrective (B) wave (coloured red) of the bigger E wave (coloured purple) was developing. During the early Asian session we could observe price reaching a new 2 weeks high at 1.0419 level and we can consider this move as end of the (B) wave (coloured red). Therefore, during the European and New York sessions the AUD/USD pair started pushing lower reaching a new daily low at 1.0330 level. The price is trading around 1.0364 level at the moment and we are expecting to see the price around 0.9944 level in the next few weeks. In accordance with our wave rules and taking into account that the wave C should retrace 100% of the wave A, we can define the potential targets with measuring wave A with take profit at 0.9944 (100% of wave A). To reduce the risk, we can use resistance at 1.0476 level as stop loss.

Support and Resistance
(S3) 1.0273 (S2) 1.0307 (S1) 1.0328 (PP) 1.0362 (R1) 1.0396 (R2) 1.0417 (R3) 1.0451

Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 1.0330 with stop loss 1.0476 and take profit at 0.9944 are  recommended.