Long-term review
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AUD/USD Elliott Wave
Since our last analysis, the AUD/USD pair has been trading upwards, just like we expected, impulsive wave [v] (coloured black) of the bigger wave C (coloured red) has been developing. In the 1-hour chart of the pair above, we can see that price has found support around the 0.9204 level, where corrective wave [iv] has completed, and from there we are seeing impulsive move that represent final [v] wave. Since we just have one more sub-wave to go, we are going to look only for a short term buying opportunity today, but in the bigger picture we should look for potential trend reversal in the pair.In accordance with our wave rules and taking into account that wave [v] should retrace 161.8% of wave [iv], we can define the potential targets with measuring wave [iv] with take profit at 0.9359 (161.8% of wave [iv] ).
Support and Resistance
(S3) 0.9185, (S2) 0.9204, (S1) 0.9225, (PP) 0.9244, (R1) 0.9265, (R2) 0.9284, (R3) 0.9305.
Trading forecast
Proceeding from Elliot Wave rules today, the trend is expected to begin the upward movements. That is why long positions at the level of 0.9290 with stop loss at 0.9200 and take profit at 0.9359 are recommended.
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