08.06.201218:20 Forex Analysis & Reviews: AUD/USD Elliott Wave Count for June 8, 2012

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AUD/USD Elliott Wave
The AUD/USD pair was moving upwards developing 1 wave (colored blue). During the European session we could observe ascending movement towards the 1.0000 level. We can consider this move as the end of the 1 wave (colored blue). Therefore, during the New York session the AUD/USD pair started getting lower and price reached 0.9890 level. Today during the Asian session this major pair continued trading in a bearish mood, and price currently is testing the 0.9820 level. At the moment we can observe the end of the 2 wave (colored blue) so we can be prepared to enter long at the start 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 Fibonacci extensions (0.9580-1.1.0000-0.9791) with Take Profit 1 at 1.0150 (100% of wave 1) and Take Profit 2 at 1.0265 (127.2% of wave 1). Support level at 0.9750 can be used as a Stop Loss point. Also it is necessary to monitor the U.S. Trade Balance and Wholesale Inventories m/m data that can change the rate of the pair.

Support and Resistance Levels
(S3) 0.9798 (S2) 0.9846 (S1) 0.9876 (PP) 0.9925 (R1) 0.9973 (R2) 1.0003 (R3) 1.0052

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 0.9900 with Stop Loss at 0.9750, Take Profit 1 at 1.0150 and Take Profit 2 at 1.0265 are recommended.

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