AUD/USD Elliott Wave Count for June 14, 2012
AUD/USD Elliott Wave
The AUD/USD pair was trading in an upward movement yesterday developing 3 wave (coloured pink). During the early European session we could observe the ascending movement towards the 0.9988 level. Therefore during the first half of the New York session the AUD/USD pair continued trading in a bullish mood and price reached new daily high at 1.0003. This major pair did not manage to hold this level in second half of the NY session and we could observe descending movement toward the 0.9930 level. At the moment we can observe developing of the impulsive 3 wave and we are expecting to see price higher today. 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 Fibonacci extensions (0.9820-1.0008-0.9850) with Take Profit 1 at 1.0088 (127.2% of wave 1) and Take Profit 2 at 1.0153 (161.8% of wave 1). Support level at 0.9900 can be used as a Stop Loss point. Also it is necessary to monitor the U.S. Core CPI m/m, Unemployment Claims, CPI m/m, Current Account data that can change the rate of the pair.
Support and Resistance Levels
(S3) 0.9880 (S2) 0.9909 (S1) 0.9926 (PP) 0.9955 (R1) 0.9984 (R2) 1.0001 (R3) 1.0030
Proceeding from Elliott Wave Rules this week, the trend is expected to begin the upward movement. That is why Long positions at level 0.9960 with Stop Loss at 0.9900 Take Profit 1 at 1.0088 and Take Profit 2 at 1.0153 are recommended.
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