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AUD/USD Elliott Wave
The AUD/USD pair was trading within the upward move yesterday. During the early European session we could observe strong ascending move in a 3 wave to the 1.0410 level. Therefore during the New York session we could observe the continuation of a bullish mood and price reaching 1.0450 level. Today during the early Asian session the AUD/USD pair push one more time and with that move we finished 3 wave (coloured pink) in the point 1.0451.the AUD/USD start descending move after bad CNY GDP result, we are expecting to see this pair higher today during the New York session. Presently we are in 4 wave (coloured pink).In accordance with our wave rules and taking into account that the wave 5 is equal to the wave 1, we can define the potential targets to the First Take Profit at 1.0468 (78.6% of wave 1) and Second Take Profit at 1.0491 (100% of wave 1). For Stop Loss we can use the invalidation point at 1.0332.Also it is necessary to consider the data concerning the U.S PPI m/m, Trade Balance, Unemployment Claims, Core PPI m/m and FOMC Member Lockhart Speaks that can affect the rate of the pair.
Support and Resistance levels
(S3) 1.0242 (S2) 1.0300 (S1) 1.0336 (PP) 1.0395 (R1) 1.0453 (R2) 1.0489 (R3) 1.0548
Trading Forecast
Proceeding from Elliott Wave Rules, today the trend is expected to begin the upward movement. That is why long positions at level 1.0390 with Stop Loss at 1.0332, Take Profit 1 at 1.0468 and Take Profit 2 at 1.0491 are recommended.
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