Market Overview
Yesterday the AUD/USD pair was trading within upward movement. During the European session the major started the ascending movement to the 1.0529 level. Therefore during the New York session we could observe the continuation of the bullish mood and price reaching the daily high at 1.0555 level. The AUD/USD pair did not manage to hold this level and at the end of NY session we saw pullback in this major pair to 1.0525 level.Today during the Asian session we could observe upward movement of this pair and price test resistance level (yesterday's high)Today the AUD/USD pair is expected to brake above 200 EMA resistance level and test 1.6000 level. Also it is necessary to consider the data concerning the USD Core CPI m/m and Prelim UoM Consumer Sentiment that can affect the rate of the pair.

Support and Resistance levels
(S3) 1.0370 (S2) 1.0420 (S1) 1.0451 (PP) 1.0501 (R1) 1.0551 (R2) 1.0582 (R3) 1.0632

AUD/USD Elliott Wave Analysis
The AUD/USD pair has finished the wave (5) of the bigger corrective wave A in the point 1.0422. Presently we can observe the beginning of the corrective wave B. In accordance with our wave rules and taking into account that the wave B retraces 61.8 or 78.6% of the wave A, we can define the potential targets with the help of Fibonacci retracement (1.0855-1.0422) with first Take Profit at level 1.0690 (61.8% of the wave A) and second Take Profit at 1.0763 (78.6% of the wave A). For Stop Loss we can use 1.0470 support level.

Trading Forecast
Proceeding from Elliott Wave Rules, today the trend is expected to begin an upward movement. That is why long positions at levels 1.0550 with Stop Loss at 1.0470, Take Profit at 1.0690 and Take Profit 2 at 1.0763 are recommended.