empty
 
 
24.08.2012 12:13 PM
AUD/USD Wave Analysis for August 24,2012

This image is no longer relevant

AUD/USD Elliott Wave
Since our last analysis the AUD/USD pair was trading in a downward move, developing corrective wave E (coloured orange). Yesterday during the European and New York sessions we could observe a descending movement from 1.0544 towards the 1.0435 level and we can consider this move as the beginning of the impulsive 3 wave of the bigger wave (A) (coloured green). At the moment the AUD/USD pair is trading around 1.0420 and we are expecting to see price lower today. 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 (1.0613-1.0410-1.0544) with Take Profit 1 at 1.0336 (100% of wave 1) and Take Profit 2 at 1.0211 (161.8% of wave 1). To reduce the risk, we can use resistance at 1.0445 level as Stop Loss.
Support and Resistance
(S3) 1.0364 (S2) 1.0406 (S1) 1.0432 (PP) 1.0474 (R1) 1.0516 (R2) 1.0542 (R3) 1.0584
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 1.0410 with Stop Loss 1.0445, Take Profit 1 1.0336, and Take Profit 2 1.0211 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