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AUD/USD Elliott Wave
Yesterday the AUD/USD pair was trading in a sideways movement. During the European session we could observe the price reaching the 1.0318 level. We can consider this move as 1 wave (coloured pink) of the bigger wave 1 (coloured blue). The AUD/USD pair has failed to be fixed at this level and at the end of European session we could observe this major around 1.0250 level. Thus, the movement of the wave 2 (coloured pink) was over.Therefore during the New York session the price retested the daily high at 1.0325 level. Today price continued to push in a bullish mood but the Swiss and the European banks have holiday so we are not expecting big moves during the European session today. Presently we are in the 3 wave of the bigger wave 1. In accordance with our wave rules and taking into account that the wave 3 retraces 161.8% of wave 1, we can define the potential targets with Fibonacci extensions (1.0241-1.0318-1.0243); the First Take Profit at 1.0383 (161.8% of wave 1) and Second Take Profit at 1.0411 (200% of wave 1). For Stop Loss we can use the end of wave C at 1.0242. Also it is necessary to consider the data concerning the U.S. Non-Farm Employment Change and Unemployment Rate that can affect the rate of the pair
Support and Resistance levels
(S3) 1.0220 (S2) 1.0247 (S1) 1.0264 (PP) 1.0290 (R1) 1.0317 (R2) 1.0334 (R3) 1.0360
Trading Forecast
Proceeding from Elliott Wave Rules, today the trend is expected to begin the upward movement. That is why long positions at level 1.03360 with Stop Loss at 1.0242,Take Profit 1 at 1.0383 and Take Profit 2 at 1.0411 are recommended.
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