AUD/USD Elliott Wave
Yesterday the AUD/USD pair was trading in an upward move developing impulsive 3 wave (coloured pink). During the Asian and European session we could observe ascending movement toward the 1.0175 level. Therefore during the New York session the AUD/USD pair continued trading in a bullish mood and price reached a new high at 1.0200 level.Today during the early Asian session we could observe descending movement toward the 1.0166 level, where this pair found support and price continued trading in an upward move. At the moment we can observe end of the 3 wave (coloured pink) and we are awaiting to see pullback in this pair soon.In accordance with our wave rules and taking into account that the wave 4 retraces 38.2% of the wave 1, we can define the potential targets with Fibonacci retracements (0.9849-1.0245) with Take Profit at 1.0079 (38.2% of wave 3). Resistance at 1.0240 can be used as a Stop Loss point. Also it is necessary to monitor the U.S. Crude Oil Inventories, FOMC Statement, Federal Funds Rate, FOMC Economic Projections and FOMC Press Conference data that can change the rate of the pair.

Support and Resistance Levels
(S3) 1.0067 (S2) 1.0104 (S1) 1.0127 (PP) 1.0164 (R1) 1.0201 (R2) 1.0224 (R3) 1.0261
Trading Forecast
Proceeding from Elliott Wave Rules this week, the trend is expected to begin the downward movement. That is why Short positions at level 1.0170 with Stop Loss at 1.0240 and Take Profit at 1.0079 are recommended.
The material has been provided by Instaforex Company - instaforex.com