Market Overview The AUD/USD pair is in bullish mood for last 2 months, Yesterday's trading day brought this major pair to new 2 months high at 1.0756 level.The AUD/USD pair did not manage to hold this level ,in the early European session we could observe downward movement to 50EMA support line ( to 1.0677 level). The Aussie finished trading day few pips higher at 1.0710 level.Today price was retesting 50 EMA resistance and on the start of European session bullish mood take this pair to opening price around 1.0710 level. We can expect AUD/USD pair to test yesterdays high before we see bigger upward move.
Support and Resistance levels (S3) 1.0638 (S2) 1.0668 (S1) 1.0686 (PP) 1.0715 (R1) 1.0745 (R2) 1.0763 (R3) 1.0792
AUD/USD Elliott Wave Analysis AUD/USD pair finished the wave (2) of the bigger 3 wave at the 1.0668 level starting wave (3). According to our wave rules and taking into consideration that the wave (3) is expected to finish 100% or 161.8% of the wave (1), we can define possible target levels with Fibonacci Extensions (1.1.0568-1.1.0755-1.0668) with take profit 1 (100%) at 1.0870 level, take profit 2(161.8%) at 1.0958 level and stop loss end of the wave 2 located near the 1.0670 level.
Trading Forecast Concerning the Elliott Wave Rules today the trend is expected to go upwards. That is why it is recommended to open the LONG positions at level 1.0750 with Stop Loss at level 1.0670, Take Profit at level 1.0870 and Take Profit 2 at 1.0958.
