AUD/USD Elliott Wave Count for April 5, 2012

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AUD/USD Elliott Wave Analysis
Yesterday the AUD/USD pair was trading within downward movement,during the early Asian session we could observe price reaching 1.0262 level. We can consider this move as 3 wave of the bigger C wave. Therefore during the European session this major pair continued to move in a bearish mood, the wave 5 of C wave was finished at the end of EU session at 1.0243 resistance level. Today we can see the beginning of 1 wave (coloured blue), Presently we can see the end of the wave 1 and we can expect the price to test 1.0275 level before we can see price higher again in the 3 of 1 wave. In accordance with our wave rules and taking into account that the wave 3 retraces 161.8% of wave 1, we can define the potential targets with Fibonacci extensions (1.0242-1.0318-1.0275); the First Take Profit at 1.0350 (100% of wave 1) and Second Take Profit at 1.0395 (161.8% of wave 1). For Stop Loss we can use end of C wave at 1.0242. Also it is necessary to consider the data concerning the U.S. Unemployment Claims that can affect the rate of the pair

Support and Resistance levels
(S3) 1.0189 (S2) 1.0225 (S1) 1.0247 (PP) 1.0283 (R1) 1.0319 (R2) 1.0341 (R3) 1.0377
Trading Forecast
Proceeding from Elliott Wave Rules, today the trend is expected to begin the upward movement. That is why long positions at level 1.0275 with Stop Loss at 1.0242,Take Profit 1 at 1.0350 and Take Profit 2 at 1.0395 are recommended.