AUD/USD Elliott Wave
The AUD/USD pair has continued trading downwards, corrective wave [ii] (coloured black) of the bigger wave C (coloured blue) has been developing. In the 1-hour chart of the AUD/USD pair, we can see that wave [ii] is taking a form of the FLAT correction and while the price stays above the low at 0.8924, we can look for a buying opportunity in the [iii] wave that is currently developing. In accordance with our wave rules and taking into account that wave [iii] should extend 161.8% of wave [i], we can define the potential targets with measuring wave [i] with take profit at 0.9231 (161.8% of wave [i]). Swing traders can also try same position but they should wait until all five waves to complete and than we can close position.
Support and Resistance
(S3) 0.8967, (S2) 0.8994, (S1) 0.9013, (PP) 0.9040, (R1) 0.9059, (R2) 0.9086, (R3) 0.9105.
Trading forecast
Proceeding from Elliot Wave rules today, the trend is expected to begin the upward movements. That is why long positions at the level of 0.9045 with stop loss at 0.8924 take profit at 0.9231 are recommended.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Elliott Wave Analysis of AUD/USD for February 18, 2014 . Thanks for your support on Elliott Wave Analysis of AUD/USD for February 18, 2014
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