AUD/USD Elliott Wave
Since our last analyses the AUD/USD pair has been trading upward, corrective wave ii (colored blue) has completed the cycle from 0.8755 at the 0.8887 level, and we should see more downward movements inthis iii wave that is currently developing. In the 1-hour chart we can see that after the flat pattern in the ii wave we have the strong sell-off in the AUD/USD, now while the price stays below the last high at the 0.8887 we are going to look for a selling opportunity in this pair. In accordance with our wave rules and taking into account that wave 3 should retrace minimum 100% of wave 1, we can define the potential targets with measuring wave 1 with take profit at 0.8558 (100% of wave 1). The RSI indicator should provide a divergence at the end of the iii wave, so if we see a 5 wave move and divergence on the 1-hour chart we are going to close our shorts before we see price at the 0.8558 level.

Support and Resistance
(S3) 0.8694, (S2) 0.8740, (S1) 0.8796, (PP) 0.8842, (R1) 0.8898, (R2) 0.8944, (R3) 0.9000.

Trading forecast
Proceeding from Elliot Wave rules today, the trend is expected to begin the downward movements. That is why short positions at the level of 0.8810 with stop loss at 0.8887 and take profit at 0.8558 are recommended.