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AUD/USD analysis for April 10, 2013
AUD/USD Elliott Wave
Since our last analysis the AUD/USD pair has been trading upwards, impulsive wave 3 (coloured blue) of the bigger wave (5) (coloured green) has finished its development. Yesterday, during the Asian and European sessions we could observe strong ascending movement from 1.0405 towards the 1.0467 level. Therefore, during the New York session this currency has continued trading in a bullish mood and the price reached a new high at the level of 1.0508. We can consider this move as the end of the impulsive wave 3 (coloured blue). At the moment the AUD/USD pair is trading around 1.0515 are and we expect to see the price around 1.0550 area in the next few sessions. In accordance with our wave rules and taking into account that the wave 5 should retrace 100% of the waves 1, we can define the potential targets with measuring wave 1 with take profit at 1.0548 (100% of wave 1). To reduce the risk, we can use support point at 1.0500 level as stop loss.
Support and Resistance
(S3) 1.0364 (S2) 1.0403 (S1) 1.0427 (PP) 1.0467 (R1) 1.0506 (R2) 1.0530 (R3) 1.0570
Proceeding from Elliott Wave rules today, the trend is expected to begin the upwards movement. That is why long positions at level 1.0520 with stop loss at 1.0500 and take profit at 1.0548 are recommended.
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