AUD/USD Elliott Wave
The AUD/USD pair has been trading downwards for last few sessions, since our short-term low gave up, we need to re-adjust our count a little bit. In the 1-hour chart of the AUD/USD pair, we are seeing a corrective pattern from the 0.1027 level, this is taking the shape of the FLAT correction and for the next supports, we are going to look at the 0.9010-0.8990 area. In the next few sessions, while price remains above the 0.8900 area, we should again look for a buying opportunity in the (iii) of [iii] wave. 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 0.9286 (161.8% of wave [i]). The RSI indicator on the 1-hour chart points to the bullish divergence, this also supports our long idea.
Support and Resistance
(S3) 0.9008, (S2) 0.9036, (S1) 0.9080, (PP) 0.9108, (R1) 0.9152, (R2) 0.9180, (R3) 0.9224.
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 0.9030 with stop loss at 0.8900 and take profit at 0.9286 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 20, 2014 . Thanks for your support on Elliott Wave Analysis of AUD/USD for March 20, 2014
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