09.03.201212:51 Forex Analysis & Reviews: AUD/USD Elliott Wave Count for March 9, 2012

Long-term review

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Market Overview
Yesterday the AUD/USD pair was trading within the upward movement. During the European session the major started an ascending movement to the 1.0668 level. Therefore, during the New York session the USD/CAD pair decreased by 80 pips before the price had continued the bullish mood.The USD/CAD pair has finished Thursday's New York session around 1.0643 level. Today during the Asian session we could observe the sideways movement in the AUD/USD pair. Today the AUD/USD pair is expected to test the 1.0700 level, but it is also necessary to consider the data on the USA Non-Farm Employment Change, Trade Balance and Unemployment Rate.

Support and Resistance levels
(S3) 1.0476 (S2) 1.0528 (S1) 1.0561 (PP) 1.0614 (R1) 1.0666 (R2) 1.0699 (R3) 1.0752

AUD/USD Elliott Wave Analysis
The AUD/USD pair has finished the 3 wave of bigger wave (1) in the point 1.0668 and wave 4 in triangle at the 1.0622.In accordance with our wave rules and taking into account that the wave 5 will be equal as wave 1, we can define the potential targets to 1.0697(100% of 1 wave). For Stop Loss we can use 1.0600 support level.

Trading Forecast
Proceeding from Elliott Wave Rules, today the trend is expected to begin the upward movement. That is why long position at levels 1.0640 with Stop Loss at 1.0600 and Take Profit at 1.0697 are recommended.

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