AUD/USD Elliott Wave
Yesterday the AUD/USD pair was trading in an upward movement developing the corrective wave (Y) (coloured purple) of the bigger wave 4 (coloured blue). During the Asian and European sessions we could observe ascending movement from 1.0210 towards 1.0293 level. We can consider this move as the end of the 4 wave (coloured blue). Therefore, during the late European and New York sessions the AUD/USD pair did not manage to hold this level and price retraced back to 1.0257 level. This major pair is trading around 1.0275 level at the moment and we are expecting to see price around 1.0004 level soon. In accordance with our wave rules and taking into account that the wave 5 should retrace 100% of the wave 1, we can define the potential targets with measuring wave 1 with Take Profit at 1.0004 (100% of wave 1). To reduce the risk, we can use invalidation at 1.0328 level as Stop Loss. Also it is necessary to monitor U.S. PPI m/m, Core PPI m/m, Prelim UoM Consumer Sentiment, FOMC Member Lacker Speaks, and Federal Budget that can change the rate of the pair.

Support and Resistance
(S3) 1.0171 (S2) 1.0203 (S1) 1.0223 (PP) 1.0255 (R1) 1.0287 (R2) 1.0307 (R3) 1.0339
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 1.0260 with Stop Loss 1.0328 and Take Profit at 1.0004 are recommended.