EUR/AUD Elliott Wave
Since our last analysis the EUR/AUD pair was trading in a downward move like we expected, impulsive 3 wave (coloured blue) of the bigger (5) (coloured green) was developing. During the European session we could observe descending movement from 1.2513 towards the 1.2466 level. Therefore, during the New York session this pacific currency continued trading in a bearish mood reaching a new daily low at 1.2437 level. Today the EUR/AUD pair finished 3 impulsive wave at 1.2417 and we are expecting to see price lower again when development of the 5 wave (coloured blue) starts. In accordance with our wave rules and taking into account that the wave 5 should retrace 161.8% of the wave 1, we can define the potential targets with measuring wave 1 with take profit at 1.2367 (161.8% of wave 1). To reduce the risk, we can use invalidation at 1.2483 level as stop loss.

Support and Resistance
(S3) 1.2384 (S2) 1.2413 (S1) 1.2431 (PP) 1.2461 (R1) 1.2490 (R2) 1.2508 (R3) 1.2538

Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 1.2448 with stop loss 1.2483 and take profit at 1.2367 are recommended.