AUD/USD Elliott Wave
Yesterday the AUD/USD pair was trading in a downward movement developing 2 wave (coloured pink). During the Asian and European session we could observe descending movement toward the 0.9935 level. Therefore during the New York session the AUD/USD pair continued trading in a bearish mood and price reached a new daily low at the 0.9855 level. Today during the Asian session this major found support at 0.9850 (end of 2 wave) and started pushing higher developing impulsive 3 wave (coloured pink). 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 Fibonacci extensions (0.9820-1.0008-0.9850) with Take Profit 1 at 1.0037 (100% of wave 1) and Take Profit 2 at 1.0152 (161.8% of wave 1). Support level at 0.9850 can be used as a Stop Loss point. Also it is necessary to monitor the U.S. Import Prices m/m, IBD/TIPP Economic Optimism and Federal Budget Balance data that can change the rate of the pair.

Support and Resistance Levels
(S3) 0.9766 (S2) 0.9821 (S1) 0.9855 (PP) 0.9911 (R1) 0.9966 (R2) 1.0000 (R3) 1.0056

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 0.9935 with Stop Loss at 0.9850 Take Profit 1 at 1.0037 and Take Profit 2 at 1.0152 are recommended.