13.09.201310:29 Forex Analysis & Reviews: AUD/USD analysis for September 13, 2013

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AUD/USD Elliott Wave
Since our last analyses the AUDUSD pair has been trading sideways, corrective wave Y (coloured black) of the bigger wave .4 (coloured green) has been developing. Yesterday, during the European sessions we could observe an ascending movement from 0.9222 towards the 0.9280 level. Therefore, during the New York session this major pair did not manage to hold this level and the price dropped to the 0.9235 level. At the moment, the AUDUSD pair is trading around 0.9240 and we are expecting to see the price move lower in the next few sessions.In accordance with our wave rules and taking into account that wave 5 should retrace 123.6% of wave 4, we can define the potential targets with measuring wave 4 with take profit at 0.9382 (123.6% of wave 4). To reduce the risk, we can use invalidation point at the 0.9150 level as stop loss.

Support and Resistance
(S3) 0.9086 (S2) 0.9156 (S1) 0.9213 (PP) 0.9283 (R1) 0.9340 (R2) 0.9410 (R3) 0.9467

Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin upward movements. That is why long positions at the level of 0.9250 with stop loss at 0.9150 and take profit at 0.9382 are recommended.

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