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Georgia Anderson's Financial News Network Blog
AUDUSD Elliott Wave Count for March 13
Posted by: megaforexfx
AUDUSD Elliott Wave Count for March 13
Hi, María again, hope everything is great. Today I am sharing the AUDUSD analysis hope it will help you.
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Market Overview
Yesterday the AUD/USD pair was trading within the downward movement. During the Asian session the major started the descending movement to the 1.0517 level. Therefore, during the early European session we could observe a slight pullback to 1.0540 before the AUD/USD pair continued the movement within the bearish mood. The AUD/USD pair finished Monday's trading session at 1.0500 level.Today in the early Asian session we could observe the bullish mood to the 1.0560 level. Today the AUD/USD pair is expected to test 1.0480 before we can see price at 1.0600 level. Also it is necessary to consider the data concerning the USD Core Retail Sales m/m,Retail Sales m/m and FOMC Statement that could affect the rate of the pair.
Support and Resistance levels
(S3) 1.0420 (S2) 1.0459 (S1) 1.0482 (PP) 1.0521 (R1) 1.0560 (R2) 1.0583 (R3) 1.0622
AUD/USD Elliott Wave Analysis
The AUD/USD pair has finished the wave A within 5 impulse wave that goes downside to the point 1.0473. Presently we can observe the first corrective wave A of the bigger wave B. In accordance with our wave rules and taking into account that the wave B will retrace 61.8 or 78.6% of the wave A we can define the potential targets with the help of Fibonacci retracement (1.0855-1.0473) with first Take Profit at level 1.0709 (61.8% of the wave A) and second Take Profit at 1.0774 (78.6% of the wave A). For Stop Loss we can use 0.1.0473 support level.
Trading Forecast
Proceeding from Elliott Wave Rules, today the trend is expected to begin the upward movement. That is why long position at levels 1.0645 with Stop Loss at 1.0473, Take Profit at .1.0709 and Take Profit 2 at 1.0774 are recommended.
Have a great day!
María
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