Forex Analysis: 2012-04-24 12:03:28 UTC+00 1 year, 11 months, 4 weeks, 1 day, 20 hours ago
AUD/USD Elliott Wave Count for April 24, 2012


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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.

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Performed by
analytical expert: Nicola Delic
InstaForex Group © 2007-2014
 Published: 2012-04-24 12:03:28 UTC+00 1 year, 11 months, 4 weeks, 1 day, 20 hours ago

 
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