AUD/USD Elliott Wave
For the last 3 days the AUD/USD pair was trading in a upward movement developing 1 wave (coloured blue). Yesterday during the early Asian session we could observe the ascending movement towards the 0.9802 (daily high). The AUD/USD pair did not manage to hold this level in European session and price retraced back to 0.9720 level. Therefore during the New York session this major was trading in a steady sideways movement. Today during the Asian and European session we could observe the continuation of the bullish mood and price reached 0.9875 level. We can consider this move as the end of 5 wave (coloured pink) of the bigger 1 wave (coloured blue); at the moment we can observe the start of the 2 wave so we are expecting to see price lower today. In accordance with our wave rules and taking into account that the wave 2 retraces 61.8% of the wave 1, we can define the potential targets Fibonacci retracement (0.9581-0.9876) with Take Profit 1 at 0.9734 (50% of wave 1) and Take Profit 2 at 0.9698 (61.8% of wave 1). Resistance level at 0.9880 can be used as Stop Loss point. Also it is necessary to consider the data concerning the U.S FOMC Member Lockhart Speaks, Revised Nonfarm Productivity q/q, FOMC Member Lockhart Speaks, Crude Oil Inventories,Beige Book and FOMC Member Williams Speaks that can change the rate of the pair.

Support and Resistance Levels
(S3) 0.9658 (S2) 0.9694 (S1) 0.9716 (PP) 0.9751 (R1) 0.9787 (R2) 0.9809 (R3) 0.9844

Trading Forecast
Proceeding from Elliott Wave Rules this week the trend is expected to begin the downward movement. That is why Short positions at level 0.9830 with Stop Loss at 0.9880,Take Profit 1 at 0.9734 and Take Profit 2 at 0.9698 are recommended