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AUD/USD Elliott Wave
After a few weeks in the strong upwards trend, the AUD/USD pair has started this week in the sideways consolidation. In the 1-hour chart of the pair, we can observe that we have changed our primary count slightly. Instead of calling the wave C (coloured red) already completed, this consolidation is starting to look as the Triangle pattern in the (iv) wave. While prices remain above the 0.9250 level, we are going to look only for a buying opportunity when price break above the 0.9426 level. (upper triangle trend line). In accordance with our wave rules and taking into account that wave (v) should extend 161.8% of wave (iv), we can define the potential targets with measuring wave (iv) with take profit at 0.9526 (161.8% of wave (iv)).
Alternate count: a break below the 0.9360 level will open more downside room towards the 0.9323 - 0.9298 area, and this will make us to count the corrective wave (iv) as the Zig-Zag correction. If this count comes in place, we are again going to look for a buying opportunity against the 0.9250 level.
Support and Resistance
(S3) 0.9341, (S2) 0.9358, (S1) 0.9390, (PP) 0.9407, (R1) 0.9439, (R2) 0.9456, (R3) 0.9488.
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 0.9426 top loss at 0.9250 and take profit at 0.9526 are recommended.
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