FX.co ★ AUD/USD analysis for June 28, 2013

AUD/USD Elliott Wave
Since our last analyses the AUD/USD pair has been trading downwards, just like we expected, impulsive wave 3 (coloured green) of the bigger wave 5 (coloured blue) has been developing. Yesterday, during the Asian and European sessions we could observe descending movement from 0.9329 towards the 0.9262 level. Therefore, during the New York session this major currency has continued trading in a bearish mood and price has reached a new daily low at 0.9215 level. At the moment the AUD/USD pair is trading around 0.9240 are and we expect to see the price lower today. In accordance with our wave rules and taking into account that wave 3 should retrace 200% of wave 1, we can define the potential targets with measuring wave 1 with take profit at 0.9150 (200% of wave 1). To reduce the risk, we can use support point at 0.9300 level as stop loss.
Support and Resistance
(S3) 0.9169 (S2) 0.9215 (S1) 0.9245 (PP) 0.9291 (R1) 0.9321 (R2) 0.9367 (R3) 0.9397
Trading forecast
Proceeding from Elliott Wave today, the trend is expected to begin the downwards movement. That is why short positions at level 0.9230 with stop loss at 0.9300 and take profit at 0.9150 are recommended.