Long-term review
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AUD/USD Elliott Wave Yesterday, the AUD/USD pair was trading upward move, developing final C wave (coloured blue) of the bigger wave (B) (coloured green). During the European session, we could observe a strong ascending movement towards the 1.0504 level and we can consider this move as the end of the (B) wave. Therefore, during the early New York session, the AUD/USD pair did not manage to hold this level and the price started pushing lower when the development of the final (C) wave started. At the moment, this pair was trading around 1.0450 level and we are expecting to see the price lower today. In accordance with our wave rules and taking into account that the wave 3 retraces 161.8% of the wave 1, we can define the potential targets with Fibonacci extensions (1.0504-1.0440-1.0487) with Take Profit at 1.0383 (161.8% of wave 1). Resistance Point at 1.0470 can be used as Stop Loss.
Support and Resistance (S3) 1.0387 (S2) 1.0417 (S1) 1.0436 (PP) 1.0466 (R1) 1.0496 (R2) 1.0515 (R3) 1.0545
Trading Forecast Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 1.0440 with Stop Loss 1.0370 and Take Profit 1.0383 are recommended.
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