empty
 
 
23.04.2012 12:42 PM
Weekly AUD/USD Elliott Wave Count for April 23, 2012

This image is no longer relevant

AUD/USD Elliott Wave
Last week the AUD/USD pair was developing a corrective wave 2 (coloured blue). Presently we can observe the end of the C wave (coloured pink). During the Friday's European session we could observe the ascending movement towards the1.0350 level (50EMA). Therefore, during the New York session the AUD/USD pair continues trading within a bullish mood and we could observe the price testing the 1.0383 level. We can consider this movement as end of (B) wave. Today during the Asian session the AUD/USD pair start in a bearish mood. We are expecting to see the AUD/USD pair to find support at the 1.0290 level. 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 (1.0225-1.0451-1.0290) and Take Profit at 1.0646 (161.8% of wave 1). For Stop Loss the invalidation point at 1.0225 can be used.

Support and Resistance levels
(S3) 1.0282 (S2) 1.0310 (S1) 1.0328 (PP) 1.0357 (R1) 1.0385 (R2) 1.0403 (R3) 1.0432

Trading Forecast
Proceeding from Elliott Wave Rules, this week the trend is expected to begin the upward movement. That is why Long positions at level 1.0290 with Stop Loss at 1.0225 and Take Profit at 1.0646 are recommended.

Summary
Urgency
Analytic
InstaForex Analyst
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback