Market Overview
Yesterday the AUD/USD pair was trading within the upward trend. During the European session the major started the ascending movement to the 1.0485 level (200 EMA resistance). Therefore, during the New York session we could observe the strong bullish mood; the price has reached the new daily high at 1.0542 level.The USD/CAD pair did not manage to hold this level and at the end of the New York session we could observe the price bound to the 1.0535 level. Today during the Asian session we could observe a downward move to the 1.0503 level. Today the AUD/USD pair is expected to test 50EMA support before we can see price above 1.0545 again. Also it is necessary to consider the data concerning the USD S&P/CS Composite-20 HPI y/y, CB Consumer Confidence and Fed Chairman Bernanke Speaks that can affect the rate of the pair.

Support and Resistance levels
(S3) 1.0382 (S2) 1.0427 (S1) 1.0456 (PP) 1.0501 (R1) 1.0546 (R2) 1.0575 (R3) 1.0620

AUD/USD Elliott Wave Analysis
The AUD/USD pair has finished the wave B (colored pink) of the bigger wave B (colored blue) in the point 1.0335, Presently we can observe the middle of the wave C. In accordance with our wave rules and taking into account that the wave C is equal to the wave B, we can define the potential targets with the Fibonacci retracement (1.0636-1.03357); the First Take Profit at 1.0572 (78.6% of wave B) and Second Take Profit at 1.0636 (100% of wave B). For Stop Loss we can use 1.0445 support level.

Trading Forecast
Proceeding from Elliott Wave Rules, today the trend is expected to begin the upward movement. That is why Long position at levels 1.0550 with Stop Loss at 1.0445, Take Profit at 1.0572 and Take Profit 2 at 1.0636 are recommended.