AUD/USD Elliott Wave
For the last few days the AUDUSD pair has been trading downwards, corrective wave c (coloured blue) of the bigger wave (x) (coloured green) has been developing. Yesterday, during the Asian and European sessions, we could observe a descending movement from 0.9544 towards the 0.9487 level. Therefore, during the New York session this major pair continued trading in the bearish mood and the price reached a new sessions low at the 0.9471 level. At the moment, the AUDUSD pair is trading around the 0.9500 level, and we should see the price moving higher for the next few sessions. In accordance with our wave rules and taking into account that wave y should retrace 100% of wave y, we can define the potential targets with measuring wave w with take profit at 0.9936 (100% of wave w). To reduce the risk, we can use support point at the 0.9430 level as stop loss.
Support and Resistance
(S3) 0.9340 (S2) 0.9405 (S1) 0.9443 (PP) 0.9508 (R1) 0.9546 (R2) 0.9611 (R3) 0.9649
Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin upward movements. That is why long positions at the level of 0.9520 with stop loss at 0.9430 and take profit at 0.9936 are recommended.