AUD/USD Elliott Wave
Last week the AUD/USD pair was developing a corrective wave 2 (coloured blue). Presently we can observe the end of the C wave (coloured pink). During the Friday's European session we could observe the ascending movement towards the1.0350 level (50EMA). Therefore, during the New York session the AUD/USD pair continues trading within a bullish mood and we could observe the price testing the 1.0383 level. We can consider this movement as end of (B) wave. Today during the Asian session the AUD/USD pair start in a bearish mood. We are expecting to see the AUD/USD pair to find support at the 1.0290 level. 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 (1.0225-1.0451-1.0290) and Take Profit at 1.0646 (161.8% of wave 1). For Stop Loss the invalidation point at 1.0225 can be used.

Support and Resistance levels
(S3) 1.0282 (S2) 1.0310 (S1) 1.0328 (PP) 1.0357 (R1) 1.0385 (R2) 1.0403 (R3) 1.0432

Trading Forecast
Proceeding from Elliott Wave Rules, this week the trend is expected to begin the upward movement. That is why Long positions at level 1.0290 with Stop Loss at 1.0225 and Take Profit at 1.0646 are recommended.