Forex Analysis: 2012-04-24 12:03:28 UTC+00 2 years, 4 months, 3 weeks, 6 days, 5 hours, 51 min. ago
AUD/USD Elliott Wave Count for April 24, 2012


Show full picture

AUD/USD Elliott Wave
Yesterday the AUD/USD pair was trading in a downward movement. During the Asian session we could observe the price below the 1.0340 level. Therefore, during the New York session we could observe the price in a bearish mood towards the1.0270 level where the pair has found support and started pushing higher above 1.0320 level. Today during the Asian session we could observe the breakdown of yesterday's low and push to the 1.0248 level. We can consider this move as the end of the 2 wave (coloured blue). Presently we can observe the begnning of the 3 wave. In accordance with our wave rules and taking into account that the wave 3 retraces 161.8% of the wave 1, we can define the potential targets with Fibonacci extensions (1.0225-1.0451-1.0248) with Take Profit 1 at 1.0472 (100% of wave 1) and Take Profit 2 at 1.0612 (161.8% of wave 1) . For Stop Loss the invalidation point at 1.0225 can be used.Also it is necessary to consider the data concerning the U.S. S&P/CS Composite-20 HPI y/y, CB Consumer Confidence and New Home Sales that can affect the rate of the pair.

Support and Resistance levels
(S3) 1.0212 (S2) 1.0255 (S1) 1.0282 (PP) 1.0325 (R1) 1.0368 (R2) 1.0395 (R3) 1.0438

Trading Forecast
Proceeding from Elliott Wave Rules, today the trend is expected to begin the upward movement. That is why Long positions at level 1.0300 with Stop Loss at 1.0225, Take Profit 1 at 1.0472 and Take Profit 2 at 1.0612 are recommended.

Nicola Delic is taking part in the "Analyst of the Year" award organized by MT5.com portal. If you like his article, please give your vote for this analyst.

Performed by
analytical expert: Nicola Delic
InstaForex Group © 2007-2014
 Published: 2012-04-24 12:03:28 UTC+00 2 years, 4 months, 3 weeks, 6 days, 5 hours, 51 min. ago

 
Recommend: Forex Analytics
 
Technical analysis of EUR/USD for September 19, 2014
2014-09-19 03:10:43 UTC+00 1 day, 6 hours, 44 min. ago  
Betrachtet heute 746
Forecast of USD/CAD for September 19, 2014
2014-09-19 04:34:05 UTC+00 1 day, 5 hours, 21 min. ago  
Betrachtet heute 694
Daily analysis of major pairs for September 19, 2014
2014-09-19 06:30:11 UTC+00 1 day, 3 hours, 25 min. ago  
Betrachtet heute 749
Technical analysis of EUR/JPY for September 19, 2014
2014-09-19 08:29:27 UTC+00 1 day, 1 hour, 25 min. ago  
Betrachtet heute 658
Intraday trading recommendations for Gold for September 19, 2014
2014-09-19 03:21:52 UTC+00 1 day, 6 hours, 33 min. ago  
Betrachtet heute 703