AUD/USD Elliott Wave
Yesterday the AUD/USD pair was trading in a downward move. During the European session we could observe a descending movement towards the 1.0320 level. Therefore during the early New York session the price continued trading in a bearish mood and reached the 1.0283 level. So AUD/USD did not manage to hold this level in a second half of the New York, and we could observe price to retrace to 50 EMA resistance. Today during the Asian session we could observe the price under the 1.0300 level again. We are awaiting to see it higher soon.
Presently we can see the end of the wave 2 (coloured pink). In accordance with our wave rules, taking into account that the wave 3 retraces 161.8% of the wave 1, we can define the potential targets with Fibonacci extensions (1.0246-1.0473-1.0274); the First Take Profit at 1.0504 (100% of wave 1) and Second Take Profit at 1.0644 (161.8% of wave 1). As Stop Loss we can use the invalidation point at 1.0246. It is also necessary to consider the data concerning the U.S. Unemployment Claims, Prelim. Non-farm Productivity q/q, Prelim. Unit Labour Costs q/q, ISM Non-Manufacturing PMI, FOMC Member Williams Speech and FOMC Member Lockhart Speech, that can affect the rate of the pair.

Support and Resistance levels
(S3) 1.0254 (S2) 1.0280 (S1) 1.0297 (PP) 1.0324 (R1) 1.0350 (R2) 1.0367 (R3) 1.0394

Trading Forecast
Proceeding from Elliott Wave Rules, today the trend is expected to begin the upward movement. That is why Long positions at level 1.0320 with Stop Loss at 1.0246, Take Profit 1 at 1.0504 and Take Profit 2 at 1.0644 are recommended.