AUD/USD Elliott Wave
Last week the AUD/USD pair was trading in aт upward move, developing corrective (B) wave (coloured green) of the bigger wave (E) (coloured orange). Yesterday during the European and New York sessionы we could observe a descending movement from 1.0385 towards the 1.0333 level. Therefore, during the second half of the NY session the AUD/USD pair tried to recover but after testing of 1.0368 resistance level, the price fell back to 1.0333 level. Today during the early Asian session we could observe the price around 1.0320 level and we can consider that move as the end of the corrective B wave (coloured blue) of the bigger (B) wave (coloured green). At the moment the AUD/USD pair is developing final C wave (coloured blue) and we are expecting to see the price around 1.0465 level soon. In accordance with our wave rules and taking into account that the wave C retraces 61.8% of the wave A, we can define the potential targets with Fibonacci extensions (1.0166-1.0399-1.0322) with Take Profit at 1.0466 (61.8% of wave A). Support at 1.0320 can be used as Stop Loss.
Support and Resistance
(S3) 1.0264 (S2) 1.0299 (S1) 1.0316 (PP) 1.0351 (R1) 1.0368 (R2) 1.0403 (R3) 1.0420
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 1.0390 with Stop Loss 1.0320 and Take Profit 1.0466 are recommended