empty
 
 
17.08.2012 12:09 PM
AUD/USD Wave Analysis for August 17,2012

 

This image is no longer relevant

AUD/USD Elliott Wave
From the beginning of the last week the AUD/USD pair was trading in a downward movement, developing the last (E) wave (coloured orange) after it finished corrective (D) wave (coloured orange). Yesterday during the Asian session we could observe a descending movement towards the 1.0474 level. Therefore, during the European and New York sessions the AUD/USD pair did not manage to hold this level and the price reached a new 2-day high at 1.0525 level. At the moment we can observe developing of the impulse 3 wave (coloured blue) and we are expecting to see the price around 1.0270 soon. In accordance with our wave rules and taking into account that the wave 3 retraces 261.8% of the wave 1, we can define the potential targets with Fibonacci extensions (1.0612-1.0496-1.0577) with Take Profit at 1.0269 (261.8% of wave 1). To reduce the risk, we can use resistance point at 1.0515 as Stop Loss. Also it is necessary to monitor the U.S. Prelim UoM Consumer Sentiment data that can change the rate of the pair.
Support and Resistance
(S3) 1.0452 (S2) 1.0471 (S1) 1.0484 (PP) 1.0503 (R1) 1.0522 (R2) 1.0535 (R3) 1.0554
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 1.0400 with Stop Loss 1.0515 and Take Profit 1.0269 are recommended.

Summary
Urgency
Analytic
InstaForex Analyst
Start trade
Gana con los cambios en el valor de las criptomonedas con InstaForex.
Descarga MetaTrader 4 y abre tu primera operación.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    UNIRSE AL CONCURSO
  • Depósito al azar
    ¡Haga un depósito en su cuenta de $3,000 y obtenga $10000 más!
    ¡En Enero, sorteamos $10000 dentro de la campaña Depósito afortunado!
    Obtenga la oportunidad de ganar depositando $3,000 en una cuenta de operaciones. Tras haber cumplido esta condición, se convertirá en un participante de la campaña.
    UNIRSE AL CONCURSO
  • Opere de forma inteligente, gane un dispositivo
    Recargue su cuenta con al menos $500, regístrese en el concurso y tenga la oportunidad de ganar dispositivos móviles.
    UNIRSE AL CONCURSO
  • 30% de bonificación
    Reciba un bono del 30% cada vez que recargue su cuenta
    OBTENER BONO

Recommended Stories

¿No puede hablar ahora mismo?
Ingrese su pregunta en el chat.
Widget callback