AUD/USD Elliott Wave
Last week the AUD/USD pair was trading in a downward move; corrective wave C (coloured blue) of the bigger wave (4) (coloured green) is developing. During the Friday's Asian and European sessions we could observe descending movement from 1.0381 towards the 1.0347 level. Therefore, during the New York session the AUD/USD pair continued trading in a bearish mood and price reached a new daily low at 1.0317 level. Today this currency pair finished development of the (4) wave at 1.3001 level and we are expecting to see price around 1.0450 soon. In accordance with our wave rules and taking into account that the wave 5 should retrace 100% of the wave 1, we can define the potential targets with measuring wave 1, with Take Profit at 1.0449 (100% of wave 1). To reduce the risk, we can use invalidation at 1.0293 level as Stop Loss.
Support and Resistance
(S3) 1.0280 (S2) 1.0304 (S1) 1.0320 (PP) 1.0344 (R1) 1.0368 (R2) 1.0384 (R3) 1.0408
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 1.0330 with Stop Loss 1.0293 and Take Profit at 1.0449 are recommended.