AUD/USD Elliott Wave
For the last few months the AUD/USD pair was developing corrective wave C (coloured green). Wave (A) and (B) are completed and presently we can observe the developing of the final wave (C) (coloured green). After the Reserve Bank of Australia decided to drop cash rate for 50 points to 3.75 we could observe a drop in this major pair. We are expecting to see the price under 0.9900 soon. In accordance with our wave rules and taking into account that the wave C retraces 100% of the wave A, we can define the potential targets with Fibonacci extensions (1.0855-1.0225-1.0473); the First Take Profit at 0.9847 (100% of wave A) and Second Take Profit at 0.9676 (127.2% of wave A). We can use the resistance point at 1.0250 as Stop Loss.

Support and Resistance levels
(S3) 0.9971 (S2) 1.0086 (S1) 1.0156 (PP) 1.0271 (R1) 1.0386 (R2) 1.0456 (R3) 1.0571

Trading Forecast
Proceeding from Elliott Wave Rules, today the trend is expected to begin the downward movement. That is why Short positions at level 1.0030 with Stop Loss at 1.0250, Take Profit 1 at 0.9847 and Take Profit 2 at 0.9676 are recommended.