Market Overview
On Friday during the European session the AUD/USD pair was trading in an upward trend and reached the resistance level 1.0449 (100 EMA). During the New York session the AUD/USD pair pushed to the 1.0482 level (2 Days High). The AUD/USD pair has finished Friday's trading day few pips lower than the 1.0466 level. Today during the Asian session we could observe the bearish mood; the price reached the 1.0430 level.Today the AUD/USD pair is expected to test again the 1.0500 level. Also it is necessary to consider the data concerning the USD Fed Chairman Bernanke Speaks and Pending Home Sales m/m that can affect the rate of the pair.

Support and Resistance levels
(S3) 1.0330 (S2) 1.0372 (S1) 1.0398 (PP) 1.0440 (R1) 1.0482 (R2) 1.0508 (R3) 1.0550

AUD/USD Elliott Wave Analysis
The AUD/USD pair has finished the wave B (colored pink) of the bigger wave B (colored blue) in the point 1.0335, Presently we can observe the middle of the wave C. In accordance with our wave rules and taking into account that the wave C is equal to the wave B, we can define the potential targets with the  Fibonacci retracement (1.0636-1.03357); the First Take Profit at 1.0572 (78.6% of wave B) and Second Take Profit at 1.0636 (100% of wave B). For Stop Loss we can use 1.0336 invalidation level.

Trading Forecast
Proceeding from Elliott Wave Rules, today the trend is expected to begin the upward movement. That is why Long position at levels 1.0465 with Stop Loss at 1.0336, Take Profit at 1.0572 and Take Profit 2 at 1.0636 are recommended.