FX.co ★ AUD/USD Elliott Wave Count for February 23, 2012

Market Overview
The AUD/USD was trading in a bearish channel for last 3 days, in the early Asian session we could observe upward move to new daily high at the 1.0685 level. The AUD/USD did not manage to hold this level and price started falling
more then 80 pips reaching a new low at the 1.0605, Today in Asian session this pair find support at 1.0597 and start pushing in Bullish mood to new high slightly above 200 EMA resistance.We are expecting to see little pullback before price continue to go higher.We need to take a look at USA Unemployment Claims today that could affect this pair.

Support and Resistance levels
(S3) 1.0560 (S2) 1.0592 (S1) 1.0612 (PP) 1.0644 (R1) 1.0676 (R2) 1.0696 (R3) 1.0728

AUD/USD Elliott Wave Analysis
The AUD/USD pair finished corrective wave iv at the1.0597 and we are currently in (1) wave of the bigger v wave, We are expecting to see end of (1) wave above 1.0750.We can still go long for today at 1.0685 with take profit target at 1.0750 and stop loss at 1.0650

Trading Forecast
Proceeding from Elliott Wave Rules the trend is expected to begin the upward movement to go higher today. That is why Long position at levels 1.0685 with Stop Loss at 1.0650 and Take Profit at 1.0750 are recommended