02.03.201213:01 Forex Analysis & Reviews: AUD/USD Elliott Wave Count for March 2, 2012

Market Overview
Yesterday the AUD/USD pair was trading within the upward movement. During the European session the major  started the ascending movement to the 1.0780 level. Therefore during the New York session the AUD/USD pair continued to downward trend enabling the price to reach the new high at 1.0810 level.Today during the Asian session we could observe the bearish mood , Today the AUD/USD pair is expected to test 200 EMA support around 1.0745 level before reaching a new high.

Support and Resistance levels
(S3) 1.0694 (S2) 1.0727 (S1) 1.0747 (PP) 1.0781 (R1) 1.0814 (R2) 1.0834 (R3) 1.0868

AUD/USD Elliott Wave Analysis
The AUD/USD pair finished the 1 wave of the bigger (3) wave at 1.0855 and 2 wave at 1.0716. Presently we can observe the wave 3. According to our wave rules and taking into consideration that the wave 3 is the longest, we can define the potential targets with help of Fibonacci extension (1.0653-1.0855-1.0176) with first Take Profit at level 1.0872(76.8% of wave 1) and second Take Profit at 1.0914 (100% of wave 1). For stop loss we can use invalidation point at 1.0716.

Trading Forecast
Proceeding from Elliott Wave Rules, today the trend is expected to begin the upward movement. That is why Long position at levels 1.0780 with Stop Loss at 1.0716, Take Profit 1 at 1.0872 and Take Profit 2 at 1.0914 are recommended.