AUD/USD Elliott Wave
The AUD/USD pair finished developing C (coloured blue) yesterday during the Asian session at the 1.0225 level. During the European session this major pair started ascending thus developing 1 and 2 wave (coloured pink). Therefore during the New York session we could observe continuation of the bullish mood and price reaching a 1.0330 level. Today during the Asian move we saw positive news from Australia and we could observe strong upward move to the 1.0385 level. We can expect to see the AUD/USD higher today in a European and New York session. Presently we can observe 3 wave (coloured pink) of the bigger 1 wave (coloured blue). 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 (1.0225-1.0332-1.0270); the First Take Profit at 1.0462 (161.8% of wave 1). For Stop Loss we can use the invalidation point at 1.0332.Also it is necessary to consider the data concerning the U.S PPI m/m, Trade Balance, Unemployment Claims, Core PPI m/m and FOMC Member Lockhart Speaks that can affect the rate of the pair.

Support and Resistance levels
(S3) 1.0178 (S2) 1.0219 (S1) 1.0244 (PP) 1.0285 (R1) 1.0326 (R2) 1.0351 (R3) 1.0392

Trading Forecast
Proceeding from Elliott Wave Rules, today the trend is expected to begin the upward movement. That is why long positions at level 1.0395 with Stop Loss at 1.0332 and Take Profit at 1.0462 are recommended.