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AUD/USD Elliott Wave Count for February 9, 2012

February 9th, 2012 Leave a comment Go to comments

Market Overview
Yesterday in Asian session we could observe downward movement of the AUD/USD pair reaching a 50EMA support at 1.0190 level,This major pair managed to hold this level in the last few hours of the New York Session and finished trading day slightly above 1.0790,Today the AUD/USD pair continued trading in a Bearish mood reaching a new low around 1.0740 level, After China CPI result grew from 4.1 to 4.5% we saw a slight upward movement to the 1.0815 level. Today we need to take a look at USA Unemployment Claims that could affect this pair.

Support and Resistance levels
(S3) 1.0726 (S2) 1.0756 (S1) 1.0774 (PP) 1.0803 (R1) 1.0833 (R2) 1.0851 (R3) 1.0880

AUD/USD Elliott Wave Analysis

The Aud/Usd pair finished the first a wave of the bigger (iv) wave in 5 sub-waves at 1.0739.We are currently in the c sub-wave of the bigger b wave.We are expecting that sub-waves c finish around 1.0830 and 1.0840 where we can start Shorting Aud/Usd pair.According to our wave rules and taking into consideration that the wave c will be equal as wave a ,we measure Take Profit level with Fibonacci extension(1.0844-1.0739-1.0930) to the 1.0725 level.For stop loss we can use next resistance level at 1.0845.

Trading Forecast
Proceeding from Elliott Wave Rules the trend is expected to begin the downward movement to go lower today. That is why Short position at levels 1.0800 with Stop Loss at 1.0845 and Take Profit at 1.0725 are recommended

The material has been provided by Instaforex Company – instaforex.com
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Categories: Forex Analysis Tags: AUD/USD, Count, Elliott, February, Wave
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