AUD/USD Elliott Wave
For the last couple of days, the AUD/USD pair has been trading downwards, corrective wave [iv] wave (coloured black) of the bigger wave C (coloured blue) has been developing. In the 1-hour chart above, we can see that we have completed impulsive wave [iii] at the 0.9299 level and from there we can observe a double three pattern inside the [iv] wave. While the price remains above the 0.9130 level, the end of the [i] wave, we are going to look for a buying opportunity at the end of the [iv] wave. In accordance with our wave rules and taking into account that wave [v] should retrace 61.8% of wave [iii], we can define the potential targets with measuring wave [iii] with take profit at 0.9422 (61.8% of wave [iii] ). Support and Resistance
(S3) 0.9185, (S2) 0.9204, (S1) 0.9225, (PP) 0.9244, (R1) 0.9265, (R2) 0.9284, (R3) 0.9305. 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 0.9170 with stop loss at 0.9130 and take profit at 0.9422 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 April 03, 2014 . Thanks for your support on Elliott Wave Analysis of AUD/USD for April 03, 2014
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