AUD/USD Elliott Wave
The AUD/USD pair has extended the upward movement during the first trading day of this week, let's see how this new movements wil fit the current wave count. In the 1-hour chart of the AUD/USD pair above, we can see that we are currently correcting the short-term cycle from the 0.8995 level, wave ii that is developing from 0.9109 should find support around the 0.9050 - 0.9038 area, and from there we are going to see new upside movements. Our strategy stay uncharged, we are going to buy after every pullback in the (iii) wave, while price remain above the 0.8994 level. 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 0.9236 (161.8% of wave (i)). Swing traders can also try the same position, but for potential profit targets we are going to use the 0.9300 - 0.9400 region.
Support and Resistance
(S3) 0.8948, (S2) 0.8972, (S1) 0.9001, (PP) 0.9025, (R1) 0.9054, (R2) 0.9078, (R3) 0.9107.
Trading forecast
Proceeding from Elliot Wave rules today, the trend is expected to begin the upwards movements. That is why long positions at the level of 0.9050 with stop loss at 0.8995 and take profit at 0.9236 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 March 18, 2014 . Thanks for your support on Elliott Wave Analysis of AUD/USD for March 18, 2014
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