AUD/USD Elliott Wave
Yesterday during the European session the AUD/USD pair finished wave A (coloured pink) in the point 1.0310. Therefore during the New York session we could observe an ascending move towards the 1.0375 level, this major retested the resistance level 2 times during the session in New York.
We can consider this move as the end of wave B (coloured pink). Today during the early Asian session the AUD/USD pair has started with the bearish mood and we have seen the price touching the 1.0305 support level. Presently we can observe the beginning of the 3 wave (coloured blue) and we expect to see the price even 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 (1.0224-1.0450-1.0305); the First Take Profit at 1.0616 (138.2% of wave 1) and Second Take Profit at 1.0669 (161.8% of wave 1). For Stop Loss we can use the invalidation point at 1.0224. Also it is necessary to consider the data concerning the U.S Building Permits, Housing Starts, Capacity Utilization Rate and Industrial Production m/m that can affect the rate of the pair and Pianalto’s speech that can affect the rate of the pair.

Support and Resistance levels
(S3) 1.0280 (S2) 1.0306 (S1) 1.0322 (PP) 1.0348 (R1) 1.0374 (R2) 1.0390 (R3) 1.0416

Trading Forecast
Proceeding from Elliott Wave Rules, today the trend is expected to begin the upward movement. That is why long positions at level 1.0360 with Stop Loss at 1.0224, Take Profit 1 at 1.0616 and Take Profit 2 at 1.0669 are recommended.