AUD/USD Elliott Wave
The AUD/USD pair has continued to trade downwards on Monday, since our primary count reached invalidation level, we have moved to first alternate view for now. In the 1-hour chart of the pair, we can observe that we are labeling descending movement from the 0.9460 level as the double three pattern (7-swings), and we want to focus on more upside movements in this major pair next. While the price remains above the yesterday’s low at the 0.9224 level, we are going to look for a buying opportunity at the next pullback. 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) 0.9155, (S2) 0.9199, (S1) 0.9228, (PP) 0.9272, (R1) 0.9301, (R2) 0.9345, (R3) 0.9374.
Trading forecast
Proceeding from Elliot Wave rules today, the trend is expected to begin the upward movements. That is why long position at 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 29, 2014
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