22.02.201209:22 Forex Analysis & Reviews: AUD/USD Elliott wave count and Fibonacci levels for February 22, 2012

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Today's support and resistance levels:

R3: 1.6338

R2: 1.6309

R1: 1.6266

Current spot: 1.6247

S1: 1.6217

S2: 1.6190

S3: 1.6155

Technical summary:

The correction from the 1.6446 high has been deeper than expected and we could see a move slightly lower to 1.6190 and even 1.6155, but this support should be able to protect the downside for the next rally above 1.6337 confirming the next rally higher towards 1.6803 and higher. Longer term we are looking for much higher levels, but need to allow for this correction to unfold first.

Trading recommendation:

We are long in EUR from 1.5826 with stop place at 1.6100. If you are not long in EUR yet, then buy near 1.6190 with the same stop at 1.6100.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.