AUD/USD Elliott Wave
Since our last analysis the AUD/USD pair was trading in an upward move developing impulsive wave (3) (coloured pink). Yesterday during the European session we could observe an ascending movement towards the 1.0444 level and we can consider this move as the end of the (3) wave. Therefore, during the New York session the AUD/USD pair did not manage to hold this level and price fell back to 1.0400 level. At the moment the price is testing 1.0395 level and we are expecting to see the price around 1.0500 today. In accordance with our wave rules and taking into account that the wave 5 retraces 100% of the wave 1, we can define the potential targets by measuring 1 wave with Take Profit 1 at 1.0518(127.2% of wave 1) and Take Profit 2 at 1.0595(161.8% of wave 1). Support at 1.03640 point can be used as Stop Loss.
Support and Resistance
(S3) 1.0321 (S2) 1.0354 (S1) 1.0375 (PP) 1.0409 (R1) 1.0442 (R2) 1.0463 (R3) 1.0497
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 1.0430 with Stop Loss 1.0345 Take Profit 1 at 1.0518 and Take Profit 2 at 1.0595 are recommended.