EUR/AUD Elliott Wave
For the last 5 days the EUR/AUD pair was developing impulsive 3 wave (coloured green). Yesterday during the European session we could observe descending movement towards the 1.2740 level. Therefore during the New York session we could not see too much volatility and the EUR/AUD pair was trading in a sideways move. Today during the early Asian session we could observe continuation of the bearish mood and price reached the 1.2695 level. We can consider this move as end of the 3 wave (coloured green), if we measure 3 vs. 1 we can see that 3 wave retrace 200% of the 1 wave. Presently we can observe the start of the 4 wave and I expect to see the price higher today. In accordance with our wave rules and taking into account that the wave 4 retraces 50% of the wave 3, we can define the potential targets with Fibonacci retracement (1.2997-1.2696) with Take Profit 1 at 1.2803 (38.2% of wave 3) and Take Profit 2 at 1.2839 (50% of wave 3). The resistance level at 1.2695 can be used as Stop Loss.

Support and Resistance Levels
(S3) 1.2652 (S2) 1.2693 (S1) 1.2718 (PP) 1.2759 (R1) 1.2800 (R2) 1.2825 (R3) 1.2866

Trading Forecast
Proceeding from Elliott Wave Rules this week the trend is expected to begin the upward movement. That is why Long positions at level 1.2740 with Stop Loss at 1.2695, Take Profit 1 at 1.2803 and Take Profit 2 at 1.2839 are recommended