AUD/USD Elliott Wave
For the last couple of days, the AUD/USD pair has been trading downwards, corrective wave [iv] (coloured green) of the bigger wave C (coloured red) has been developing. In the 60-minutes charts above, we can observe that down cycle from the 0.9461 level is over at 0.9247, and from there the price is trading above 0.9270 again. While the price remains above the previous low at 0.9247, we are going to look for the buying opportunity in the [v] wave (colored green). In accordance with our wave rules and taking into account that wave [v] should extend 123.6% of wave [iv], we can define the potential targets with measuring wave [iv] with take profit at 0.9511 (123.6% of wave [iv]).
Support and Resistance
(S3) 0.9205, (S2) 0.9229, (S1) 0.9249, (PP) 0.9273, (R1) 0.9293, (R2) 0.9317, (R3) 0.9337.
Trading forecast
Proceeding from Elliot Wave rules today, the trend is expected to begin upward movements. That is why long positions at the level of 0.9300 with stop loss at 0.9247 take profit at 0.9511 are recommended.
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Performed by Nicola Delic, Analytical expert InstaForex Group © 2007-2014 |
Elliott Wave Analysis of AUD/USD for April 28, 2014
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