AUD/USD Elliott Wave
Yesterday the AUD/USD pair was trading in a upward movement developing an extended 5 wave (coloured blue) of the bigger 1 wave (coloured blue). From the beginning of the Asian session this major pair stared pushing higher and reached a new high at 0.9860 level. Therefore during the European and New York session we could observe the continuation of the bullish mood that enabled the AUD/USD pair to reach the new  high of 6 days at 0.9931 level. Today during the Asian session we could observe that bulls are still in the game and the price has reached 0.9965 level. We can consider this move as the end of the 1 wave; today we expect the price to go lower. 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 with Fibonacci retracement (0.9581-0.9965); Take Profit 1 at 0.9820 (38.2% of wave 1) and Take Profit 2 at 0.9775 (50% of wave 1). Resistance level at 0.9965 can be used as Stop Loss point. Also it is necessary to consider the data concerning the U.S Unemployment Claims, Fed Chairman Bernanke Testifies and FOMC Member Lockhart Speaks that can change the rate of the pair.

Support and Resistance Levels
(S3) 0.9672 (S2) 0.9746 (S1) 0.9792 (PP) 0.9866 (R1) 0.9940 (R2) 0.9986 (R3) 1.0060

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 0.9890 with Stop Loss at 0.9965,Take Profit 1 at 0.9820 and Take Profit 2 at 0.9775 are recommended