AUD/USD Elliott Wave Count for February 10, 2012

Market Overview
The AUD/USD pair started yesterday’s trading day in a bullish mood,this major pair tested 2 times resistance line around 1.0822 level before we saw price under 50EMA support. Main reason for the Aud/Usd pair to fall is good USA Unemployment Claims report 358k from 373k.The AUD/USD pair started pushing in a bearish mood in a early Asian session to the 1.0755 level. Price is currently under 200EMA support line and we are expecting to see the aud/usd pair around 1.0650 level today.We need to take a look at USA Trade Balance and USA Prelim UoM Consumer Sentiment that could affect this pair.

Support and Resistance levels
(S3) 1.0697 (S2) 1.0730 (S1) 1.0750 (PP) 1.0783 (R1) 1.0816 (R2) 1.0836 (R3) 1.0869

AUD/USD Elliott Wave Analysis
The AUD/USD pair finished the second (b) wave of the bigger (iv) at 1.0823.We are currently in the end of wave (c), we are expecting that wave (C) finish around 1.0654.where we can start buying AUD/USD pair.According to our wave rules and taking into consideration that the wave v will be equal as wave i we can project our targets to first take profit level (38.2% of wave i) at 1.0928 level and take profit 2 (50% of wave i) 1.1012 level

Trading Forecast
Proceeding from Elliott Wave Rules the trend is expected to begin the upward movement to go higher today. That is why Long position at levels 1.0653 with Stop Loss at 1.0600, Take Profit 1 at 1.0928 and Take Profit 2 1.1012 are recommended

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