AUD/USD Elliott Wave
Since our last analysis the AUD/USD pair was trading in an upward move, developing impulsive wave 3 (coloured blue) of the bigger wave (3) (coloured green). During the Friday's Asian and European sessions we could observe an ascending movement towards the 1.0445 level. Therefore, during the New York session the AUD/USD pair continued trading in a bullish mood and price reached a new 13 weeks high at 1.0485 level. At the moment price is trading in a sideways move and we are expecting to see the price higher today. In accordance with our wave rules and taking into account that the wave 3 retraces 161.8% of the wave 1, we can define the potential targets with Fibonacci extensions (1.0145-1.0443-1.0176) with Take Profit 1 at 1.0650 (138.2% of wave 1) and Take Profit 2 at 1.0731(161.8% of wave 1). Support at 1.0420 can be used as Stop Loss.
Support and Resistance
(S3) 1.0347 (S2) 1.0386 (S1) 1.0410 (PP) 1.0449 (R1) 1.0488 (R2) 1.0512 (R3) 1.0551
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 1.0485 with Stop Loss 1.0420 Take Profit 1 at 1.0650 and Take Profit 2 at 1.0731 are recommended.