AUD/USD Elliott Wave
Yesterday the AUD/USD pair was trading in a sideways move developing final 5 wave (coloured pink) of the bigger 1 wave (coloured blue). During the early European session we could observe a strong ascending movement toward the 1.0277 level. Therefore, during the New York session the AUD/USD pair did not manage to hold this level and we could observe price around 1.0223 level. Today this currency pair is trading around 1.0285 and 1.0255 level and we are expecting to see price above 1.0365 today. In accordance with our wave rules and taking into account that the wave 5 retraces 100% of the wave 1, we can define the potential targets measuring 1 wave with Take Profit at 1.0369 (100% of wave 1). Support level at 1.0245 can be used as a Stop Loss point. Also it is necessary to monitor the U.S Factory Orders m/m and Total Vehicle Sales data that can change the rate of the pair.
Support and Resistance Levels
(S3) 1.0180 (S2) 1.0205 (S1) 1.0221 (PP) 1.0245 (R1) 1.0270 (R2) 1.0286 (R3) 1.0310
Trading Forecast
Proceeding from Elliott Wave Rules this week, the trend is expected to begin the upward movement. That is why long positions at level 1.0265 with Stop Loss at 1.0245 and Take Profit at 1.6408 are recommended.

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Performed by Analytical expert: Nicola Delic
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