AUD/USD Elliott Wave
From the early start of this week, the AUD/USD pair has continued trading upwards, impulsive wave [v] (coloured black) of the bigger wave C (coloured red) has been developing. In the 1-hour chart of the pair above, we can observe strong ascending movements from 0.9253 towards the 0.9387 level. This strong move was the part of the final [v] wave that should be over really soon, and that's the reason why we are going to look to establish only sell position on the break below the 0.9350 level. In accordance with our wave rules and taking into account that wave C should extend 100% of wave A, we can define the potential targets with measuring wave A with take profit at 0.8290 (100% of wave A ). Since this targets are too far from the current level, intraday traders should watch the 0.9100 level as the first target.
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 downward movements. That is why short positions at the level of 0.9350 with stop loss at 0.9400 and take profit at 0.9100 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 09, 2014 . Thanks for your support on Elliott Wave Analysis of AUD/USD for April 09, 2014
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