Market Overview
Yesterday the AUD/USD pair was trading within the downward trend. During the European session the major started to decline to 1.0330. Therefore, during the New York session we were able to observe the continuation of the bearish mood; the price reached the new daily low at 1.0303 level before price push back to the opening price at the end of session. Today during the Asian session we have observed ascending move to 1.0410(100 EMA). Today the AUD/USD pair is expected to test 200 EMA. Also it is necessary to consider the data concerning the USD Core PCE Price Index m/m, Personal Spending m/m, Chicago PMI and Revised UoM Consumer Sentiment that can affect the rate of the pair.

Support and Resistance levels
(S3) 1.0265 (S2) 1.0304 (S1) 1.0327 (PP) 1.0365 (R1) 1.0404 (R2) 1.0427 (R3) 1.0465

AUD/USD Elliott Wave Analysis
The AUD/USD pair has finished A wave (colored black) of the bigger B wave (colored blue) in the point 1.0557, and wave (B) in the point 1.0341. Presently we can observe start of C wave. In accordance with our wave rules and taking into account that the wave C is equal to the wave A, we can define the potential targets with the Fibonacci retracement (1.0335-1.0557-1.0341); the first Take Profit at 1.0561 (100% of wave A) and second Take Profit at 1.0621 (127.2% of wave A). For Stop Loss we can use a 1.0336 level.

Trading Forecast
Proceeding from Elliott Wave Rules, today the trend is expected to begin the upward movement. That is why Long position at levels 1.0380 with Stop Loss at 1.0336, Take Profit at 1.0561 and Take Profit 2 at 1.0621 are recommended.