AUD/USD Elliott Wave
Since our last forecast, the AUD/USD pair has been trading upwards, we are still tracking wave iii (coloured blue) of the bigger wave (v) (colorued red) as the best possible structure, but we are going to discuss an alternate count since we are close to our invalidation levels today. In the AUD/USD 1-hour chart we are tracking wave c of iii wave from the 0.8825 level and while the price stays below this high, we are going to look for more bearish movements in this commodity currency. In accordance with our wave rules and taking into account that wave C should retrace 100% of wave A, we can define the potential targets with measuring wave A with take profit at 0.8595 (100% of wave A).

Alternate count: we ended the wave i (couloured blue) at the 0.8658 and pullback that started from 0.8709 is a part of the ii wave, if this is correct, we should see one more push higher toward the 0.8920 area before the price turns lower again, but in this case we also want to be short against the high at the 0.9090 level.

Support and Resistance
(S3) 0.8633, (S2) 0.8679, (S1) 0.8728, (PP) 0.8774, (R1) 0.8823, (R2) 0.8869, (R3) 0.8918.

Trading forecast
Proceeding from the Elliot Wave rules today, the trend is expected to begin the downward movements. That is why short position at the level of 0.8900 with stop loss at 0.9090 and take profit at 0.8595 are recommended.