AUD/USD Elliott Wave
Since our last analysis the AUD/USD pair was trading in a downward move like we expected, developing final (C) wave (coloured orange)of the bigger E wave (coloured purple).Yesterday during the Asian session, we could observe a descending movement from 1.0556 towards the 1.0515 level. Therefore, during the European and New York sessions, this major pair continued trading in a bearish mood and the price reached a new 2 days low at 1.0455 level. At the moment, the AUD/USD pair is still trading in a downward move and we are expecting to see the price around 0.9824 level in the next few weeks. In accordance with our wave rules and taking into account that the wave E should retrace 61.8% of the wave C, we can define the potential targets with measuring C wave, with Take Profit 1 at 0.9974(50% of wave C) and Take Profit 2 at 0.9824 (61.8% of wave C). To reduce the risk, we can use invalidation at 1.0620 level as Stop Loss.
Support and Resistance
(S3) 1.0394 (S2) 1.0433 (S1) 1.0457 (PP) 1.0495 (R1) 1.0534 (R2) 1.0558 (R3) 1.0596
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 1.0620 ,Take Profit 1 at 0.9974 and Take Profit 2 at 0.9824 are recommended.