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AUD/USD analysis for July 03, 2013

Posted at July 3, 2013 Categories : Forex Analysis |

AUD/USD Elliott Wave
Since our last analyses the AUD/USD pair has been trading downwards, just as we expected, impulsive wave 5 (coloured blue) of the bigger wave [3] (coloured red) has been developing. During the Tuesday’s Asian and European session we could observe descending movement from 0.9210 towards the 0.9128 level. Therefore, during the New York session this currency has continued trading lower and price has dropped to the 0.9092 level. At the moment the AUD/USD pair is trading around 0.9072 area and we are expecting to see the price higher in the next few sessions. In accordance with our wave rules and taking into account that the wave 4  should retrace 38.2% of the wave 3, we can define the potential targets with measuring wave 3 with take profit at 0.9290 (38.2% of wave 3). To reduce the risk, we can use the support point at 0.8950 level as stop loss. 

Support and Resistance
(S3) 0.9056 (S2) 0.9101 (S1) 0.9130 (PP) 0.9175 (R1) 0.9220 (R2) 0.9249 (R3) 0.9294

Trading forecast
Proceeding from Elliott Wave today, the trend is expected to begin the upwards movement. That is why long positions at level 0.9120 with stop loss at 0.8950 and take profit at 0.9290 are recommended. 

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