04.04.201214:55 Forex Analysis & Reviews: AUD/USD Elliott Wave Count for April 4, 2012

AUD/USD Elliott Wave Analysis
For the last few weeks the AUD/USD pair was trading in a downside channel, for the last week we could observe the end of B wave (coloured blue) in the point 1.0557. Presently we are at the end of C wave and we are expecting to see price in bullish mood soon, wave A (coloured pink) finished 5 impulse waves in the point 1.0333. Yesterday during the Asian session we could observe the end of B wave (coloured pink) in the point 1.0465.
The European and New York session pushed this major to the new low at 1.0301 level. In accordance with our wave rules and taking into account that the wave C should be equal to wave A, we can define the potential targets with the Fibonacci extensions (1.0557-1.0333-1.0301); the First Take Profit at 1.0241 (100% of wave A). If price breaks this level and continues to go in bearish mood we can consider the 1.0145 level as next support level and end of C wave. Also it is necessary to consider the data concerning the U.S. ADP Non-Farm Employment Change, ISM Non-Manufacturing PMI, and Crude Oil that can affect the rate of the pair

Support and Resistance levels
(S3) 1.0204 (S2) 1.0265 (S1) 1.0303 (PP) 1.0365 (R1) 1.0426 (R2) 1.0464 (R3) 1.0526

Trading Forecast
Proceeding from Elliott Wave Rules, today the trend is expected to begin the upward movement. That is why long positions at level 1.0240 with Stop Loss at 1.0210,Take Profit 1 at 1.0280 and Take Profit 2 at 1.0300 are recommended.