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AUD/USD Elliott Wave Since our last analysis the AUD/USD pair has been trading downwards, and we changed our wave count a little bit to adjust best possible scenario for today. Yesterday, during the Asian and European session we could observe strong descending movement from 1.0474 towards the 1.0385 level, and we can consider this move as the end of the corrective wave C (coloured blue) of the bigger wave (4) (coloured green). Therefore, during the early New York session this major currency did not manage to hold this level and the price has retraced back to 1.0457 area. We can consider this move as the end of the wave 1 (coloured blue). Today the AUD/USD pair is trading around 1.0418 and we are expecting to see price above 1.0490 area in the next few sessions. In accordance with our wave rules and taking into account that the wave 3 should retrace 161.8% of the waves 1, we can define the potential targets with measuring wave 1 with take profit at 1.0507 (161.8% of wave 1). To reduce the risk, we can use support at 1.0385 as stop loss. Support and Resistance (S3) 1.0276 (S2) 1.0330 (S1) 1.0382 (PP) 1.0436 (R1) 1.0488 (R2) 1.0542 (R3) 1.0594 Trading Forecast Proceeding from Elliott Wave rules today, the trend is expected to begin the upwards movement. That is why long positions at level 1.0420 with stop loss 1.0385 and take profit at 1.0507 are recommended

USD/CAD Elliott Wave Since our last analyses the USD/CAD pair was trading upwards, just like we expected, impulsive wave 1 (coloured blue) of the bigger wave (5) (coloured green) was developing. During the Friday Asian and European sessions we could observe strong upward movement from 1.0156 towards 1.0172 level. Therefore, during the New York session this commodity currency has continued trading in a bullish mood and the price has reached a new two-day high at 1.0178 level. At the moment the USD/CAD pair is trading around 1.0170 and we expect to see the price above 1.0430 area this week. In accordance with our wave rules and taking into account that wave 5 should retrace 100% of the waves 1, we can define the potential targets with measuring wave 1 with take profit at 1.0425 (100% of wave 1). To reduce the risk, we can use invalidation at 1.0100 level as stop loss. Support and Resistance (S3) 1.0133 (S2) 1.0145 (S1) 1.0157 (PP) 1.0169 (R1) 1.0181 (R2) 1.0193 (R3) 1.0205 Trading forecast Proceeding from Elliott Wave rules today, the trend is expected to begin the upwards movement. That is why long positions at level 1.0200 with stop loss at 1.0100 and take profit at 1.0425 are recommended.

USD/CAD Elliott Wave For the last few weeks the USD/CAD pair was trading in a downwards channel, corrective wave Y (coloured blue) of the bigger wave (4) (coloured green) was developing. Yesterday during the Asian session we could observe descending movement from 1.0173 towards 1.0141 level and we can consider this movement as the end of the corrective (4) wave (coloured green). Therefore, during the European session this commodity currency did not manage to hold this level and the price started pushing higher and reached new daily high at 1.0173 level. Today the USD/CAD pair is trading around 1.0158 level and we expect to see the price pushing higher for the next few weeks. In accordance with our wave rules and taking into account that the wave 5 should retrace 100% of the waves 1, we can define the potential targets with measuring wave 1 with take profit at 1.0425 (100% of wave 1). To reduce the risk, we can use invalidation at 1.0099 level as stop loss. Support and Resistance (S3) 1.0131 (S2) 1.0142 (S1) 1.0149 (PP) 1.0159 (R1) 1.0170 (R2) 1.0177 (R3) 1.0187 Trading forecast Proceeding from Elliott Wave rules today, the trend is expected to begin the upwards movement. That is why long positions at level 1.0165 with stop loss at 1.0099 and take profit at 1.0425 are recommended.

AUD/USD Elliott Wave Last week, the AUD/USD pair has finished development of triangle wave 4 (coloured blue) of the bigger (3) wave (coloured green). During the Friday's Asian session we could observe ascending movement from 1.0422 towards 1.0448 level. Therefore, during the European and New York sessions this currency continued trading in a bullish mood and the price reached a new daily high at 1.0460 level. At the moment the AUD/USD pair is trading around 1.0467 level and we expect to see the price around 1.0500 in the next few sessions. In accordance with our wave rules and taking into account that the wave 3 should retrace 161.8% of the waves 1, we can define the potential targets with measuring wave 1 with take profit at 1.0500 (161.8% of wave 1). To reduce the risk, we can use support at 1.0430 level as stop loss. Support and Resistance (S3) 1.0383 (S2) 1.0402 (S1) 1.0422 (PP) 1.0441 (R1) 1.0461 (R2) 1.0480 (R3) 1.0500 Trading forecast Proceeding from Elliott Wave rules today, the trend is expected to begin the upwards movement. That is why long positions at level 1.0470 with stop loss 1.0430 and take profit at 1.0500 are recommended.

AUD/USD Elliott Wave After a week in the sideways mood, the AUD/USD pair has finally broke resistance and we could see a clear start of the final 5 wave (coloured blue) of the bigger (3) wave (coloured green). During the Thursday's European session we could observe ascending movement from 1.0362 towards the 1.0412 area. Therefore, during the New York session this major currency has continued to trade in a bullish mood and we could see the price reaching a new high at 1.0457 level. At the moment the AUD/USD pair is trading around 1.0433 and we expect to see the price reaching 1.0500 resistance very soon. In accordance with our wave rules and taking into account that the wave 3 should retrace 161.8% of the waves 1 we can define the potential targets with measuring wave 1 with take profit at 1.0500 (161.8% of wave 1). To reduce the risk, we can use support at 1.0390 level as stop loss. Alternation: Yesterday’s move was very sharp and we may consider Thursday’s high as the end of the 5 wave (coloured blue), and if this count is right you must be prepared for the corrective wave 4 wave. Support and Resistance (S3) 1.0287 (S2) 1.0324 (S1) 1.0382 (PP) 1.0419 (R1) 1.0477 (R2) 1.0514 (R3) 1.0572 Trading forecast Proceeding from Elliott Wave rules today, the trend is expected to begin the upwards movement. That is why long positions at level 1.0440 with stop loss 1.0390 and take profit at 1.0500 are recommended.

AUD/USD Elliott Wave Since our last analysis the AUD/USD pair was trading sideways, so we adjust our primary count a little bit. Yesterday during the Asian and European sessions we could observe ascending movement from 1.0368 towards the 1.0404 level and we can consider this move as the end of the sub-wave (D) (coloured pink) of the 4 wave (coloured blue). Therefore, during the New York session this currency did not manage to hold this level and the price has retraced all the way to 1.0368. Today after the AUD/USD pair has finished development of the final (E) wave (coloured pink), the price started pushing higher and we expect to see the price above 1.0500 area very soon. In accordance with our wave rules and taking into account that the wave 3 should retrace 161.8% of the waves 1, we can define the potential targets with measuring wave 1 with take profit at 1.0500 (161.8% of wave 1). To reduce the risk, we can use support at 1.0350 level as stop loss. Support and Resistance (S3) 1.0328 (S2) 1.0347 (S1) 1.0359 (PP) 1.0378 (R1) 1.0397 (R2) 1.0409 (R3) 1.0428 Trading forecast Proceeding from Elliott Wave rules today, the trend is expected to begin the upwards movement. That is why long positions at level 1.0400 with stop loss 1.0350 and take profit at 1.0500 are recommended.

USD/CAD Elliott Wave Since our last analyses the USD/CAD pair was trading upwards just like we expected, impulsive wave 3 (coloured blue) of the bigger wave (5) (coloured green) was developing. Yesterday, during the Asian and European sessions we could observe strong ascending movement from 1.0214 towards the 1.0283 level and we can consider this move as the end of the impulsive sub-wave (3) (coloured pink). Therefore, during the New York session this commodity currency did not manage to hold this level and the price has retraced back to 1.0260 level. At the moment the USD/CAD pair is trading around 1.0247 level and we expect to see the price higher again when development of the (4) wave (coloured pink) ends. In accordance with our wave rules and taking into account that the wave 3 should retrace 161.8% of the waves 1, we can define the potential targets with measuring wave 1 with take profit at 1.0315 (161.8% of wave 1). To reduce the risk, we can use support at 1.0227 level as stop loss. Support and Resistance (S3) 1.0156 (S2) 1.0185 (S1) 1.0226 (PP) 1.0255 (R1) 1.0296 (R2) 1.0325 (R3) 1.0366 Trading forecast Proceeding from Elliott Wave rules today, the trend is expected to begin the upwards movement. That is why long positions at level 1.0260 with stop loss at 1.0227 and take profit at 1.0315 are recommended.

USD/CAD Elliott Wave From our last analysis the primary bullish scenario for the USD/CAD pair is the same, but today we are going to take a potential targets for short-term traders. Yesterday, during the Asian session we could observe ascending movement towards 1.0249 level and we can consider this move as the end of the impulsive wave 1 (coloured blue). Therefore, during the European and New York sessions this major currency did not manage to hold higher and the price has dropped to the 1.0203 area. We can consider this movement as the end of the wave 2 (coloured blue). At the moment the USD/CAD pair is trading around 1.0228 level and we expect to see the price above 1.0300 very soon. In accordance with our wave rules and taking into account that the wave 3 should retrace 161.8% of the waves 1, we can define the potential targets with measuring wave 1 with take profit at 1.0315 (161.8% of wave 1). To reduce the risk, we can use support at 1.0200 level as stop loss. Support and Resistance (S3) 1.0149 (S2) 1.0176 (S1) 1.0196 (PP) 1.0223 (R1) 1.0243 (R2) 1.0270 (R3) 1.0290 Trading forecast Proceeding from Elliott Wave rules today, the trend is expected to begin the upwards movement. That is why long positions at level 1.0235 with stop loss at 1.0200 and take profit at 1.0315 are recommended.

USD/CAD Elliott Wave For the last few days the USD/CAD pair was trading downwards, corrective wave Y (coloured blue) of the bigger wave (4) (coloured green) was developing. Yesterday, during the Asian and European sessions we could observe strong descending movement from 1.0276 towards the 1.0211 level. Therefore, during the New York session this commodity currency did not manage to hold this level and the price retraced back to 1.0226 area. At the moment the AUD/USD pair is trading around 1.0210 level and we expect to see the price above 1.0400 in the next few days. In accordance with our wave rules and taking into account that the wave 5 should retrace 100% of the waves 1, we can define the potential targets with measuring wave 1 with take profit at 1.0467 (100% of wave 1). To reduce the risk, we can use support at 1.0180 level as stop loss. Support and Resistance (S3) 1.0121 (S2) 1.0166 (S1) 1.0193 (PP) 1.0238 (R1) 1.0265 (R2) 1.0310 (R3) 1.0337 Trading forecast Proceeding from Elliott Wave rules today, the trend is expected to begin the upwards movement. That is why long positions at level 1.0250 with stop loss at 1.0180 and take profit at 1.0467 are recommended.

USD/CAD Elliott Wave For the last few days the USD/CAD pair was trading downwards, corrective wave (4) (coloured green) of the bigger wave (3) (coloured red) was developing. Yesterday, during the Asian and European sessions we could observe descending movement from 1.0294 towards the 1.0254 level. Therefore, during the New York session this commodity currency has continued trading in a bearish mood and the price reached a new daily low at 1.0248 level. We can consider this movement as the end of the Y wave (coloured blue) of the bigger wave (4) (coloured green). At the moment the USD/CAD pair is trading around 1.0277 level and we expect to see the price around 1.0500 level in the next few sessions. In accordance with our wave rules and taking into account that the wave 5 should retrace 100% of the waves 1, we can define the potential targets with measuring wave 1 with take profit at 1.0510 (100% of wave 1). To reduce the risk, we can use support at 1.0097 level as stop loss. Support and Resistance (S3) 1.0203 (S2) 1.0228 (S1) 1.0243 (PP) 1.0268 (R1) 1.0283 (R2) 1.0308 (R3) 1.0323 Trading forecast Proceeding from Elliott Wave rules today, the trend is expected to begin the upwards movement. That is why long positions at level 1.0280 with stop loss at 1.0097 and take profit at 1.0510 are recommended.

USD/NOK Elliott Wave Since our Wednesday analysis, the USD/NOK pair was trading upwards just like we expected, corrective wave A (coloured blue) of the bigger wave ( (coloured green) was developing. Yesterday, during the Asian and European sessions we could observe ascending movement from 5.6833 towards the 5.7121 level. Therefore, during the New York session this currency continued trading in a bullish mood and the price reached a new high at 5.7199 level. We can consider this movement as the end of the wave A (coloured blue) of the wave ( (coloured green). At the moment the USD/NOK pair is trading at 5.6893 level and we are expecting to see price around 5.7373 level soon. In accordance with our wave rules and taking into account that the wave C should retrace 100% of the waves A, we can define the potential targets with measuring wave A with take profit at 5.7373 (100% of wave A). To reduce the risk, we can use support at 5.6835 level as stop loss. Alternation: Wave ( (coloured green) is over and we expect to see the price around 5.6000 level soon, this count will be valid if price brakes below 5.6835 level. Support and Resistance (S3) 5.6701 (S2) 5.6858 (S1) 5.6956 (PP) 5.7113 (R1) 5.7270 (R2) 5.7368 (R3) 5.7525 Trading forecast Proceeding from Elliott Wave rules today, the trend is expected to begin the upwards movement. That is why long positions at level 5.6950 with stop loss at 5.6835 and take profit at 5.7373 are recommended.

USD/NOK Elliott Wave For the last few days the USD/NOK was trading downwards, impulsive wave ( (coloured red) of the bigger wave (2) (coloured purple) was developing. Yesterday during the European session we could observe strong descending movement from 5.7560 towards the 5.7174 level, and this strong bearish movement confirmed possible bearish movement. Therefore, during the New York session this currency continued trading in a bearish mood and the price reached a new low at 5.7055 level. At the moment the USD/NOK is trading around 5.7099 level and we expect to see the next support around 5.6055 area. In accordance with our wave rules and taking into account that the wave B should retrace 50% of the waves A, we can define the potential targets with measuring wave A with take profit at 5.6053 (50% of wave A). To reduce the risk, we can use invalidation at 5.7832 level (end of A wave) as stop loss. Support and Resistance (S3) 5.6589 (S2) 5.6731 (S1) 5.6873 (R1) 5.7353 (R2) 5.7496 (R3) 5.7640 Trading forecast Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 5.7020 with stop loss at 5.7832 and take profit at 5.6053 are recommended.

SILVER Elliott Wave This week silver was trading upwards, corrective wave (4) (coloured red) of the bigger wave 5 (coloured purple) was developing. Yesterday, during the Asian and European sessions, we could observe a descending movement from 29.30 towards the 29.04 level. Therefore, during the New York session, this commodity has continued trading in a bearish mood and the price reached a new daily low at 28.84 level. We can consider this movement as the end of the wave (1) (coloured green) of the bigger (5) wave (coloured red). At the moment Silver is trading around 28.90 level and we are expecting to see price around 28.20 very soon. In accordance with our wave rules and taking into account that the wave 3 should retrace 161.8% of the waves 1, we can define the potential targets with measuring wave 1 with take profit at 28.20 (161.8% of wave 1). To reduce the risk, we can use invalidation at 29.44 level (end of 4 wave) as stop loss. Support and Resistance (S3) 28.178 (S2) 28.522 (S1) 28.753 (PP) 29.097 (R1) 29.328 (R2) 29.672 (R3) 29.903 Trading Forecast Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 28.80 with stop loss 29.44 and take profit at 28.2 are recommended.

AUD/USD Elliott Wave For the last few days, the AUD/USD pair was trading downwards, impulsive wave 3 coloured blue of the bigger (3) wave coloured green was developing. During the Monday's European session we could observe ascending movement from 1.0260 towards the 1.0327 level. Therefore, during the New York session this currency pair did not manage to hold this level, and the price retraced to the 1.0246 level. Today the AUD/USD pair is trading around 1.0263, and we are expecting to see the price around 1.0100 soon. In accordance with our wave rules and taking into account the fact that the wave 3 should retrace 161.8% of the wave 1, we can define the potential targets with measuring wave 1 with take profit at 1.0103 (161.8% of wave 1). To reduce the risk, we can use invalidation at 1.0339 level as stop loss. Support and resistance (S3) 1.0201 (S2) 1.0231 (S1) 1.0249 (PP) 1.0279 (R1) 1.0309 (R2) 1.0327 (R3) 1.0357 Trading forecast Proceeding from the Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at 1.0250 with stop loss at 1.0339 and take profit at 1.0103 are recommended.

USD/JPY Elliott Wave Since our last analyses the USD/JPY pair has been trading upwards like we expected, impulsive wave (1) (colored green) of the bigger (5) wave (colored red) was developing. During the Friday's Asian and European session we could observe sideways movement between 93.50 and 93.14 level. Therefore, during the New York session this major pair did not manage to hold the highs at 93.50, and price retraced back to 93.28 level. Today the USD/JPY pair is trading around the level of 93.83 and we are expecting the price to be above 95.80 level in the next few sessions. In accordance with our wave rules and taking into account that the wave 5 should retrace 100% of the wave 1, we can define the potential targets with measuring wave 1 with take profit at 95.84 (100% of wave 1). To reduce the risk, we can use invalidation at 92.77 level as stop loss. Support and Resistance (S3) 92.66 (S2) 92.88 (S1) 93.02 (PP) 93.25 (R1) 93.47 (R2) 93.61 (R3) 93.84 Trading Forecast Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 93.90 with stop loss at 92.77 and take profit at 95.84 are recommended.

AUD/USD Elliott Wave From the start of this week, the AUD/USD pair was trading upwards, corrective wave C (coloured blue) of the bigger wave (2) (coloured green) was developing. Yesterday during the Asian and European session we could observe ascending movement from 1.0274 towards 1.0314 level. Therefore, during the New York session this major pair continued trading in a bullish mood and the price reached a new daily high at 1.0330 level. Today the AUD/USD pair is trading around 1.0335 level and we expect to see the price above 1.0450 level soon. In accordance with our wave rules and taking into account that the wave 2 should retrace 61.8% of the wave 1 we can define the potential targets with measuring wave 1 with take profit at 1.0456 (61.8% of wave 1). To reduce the risk, we can use support at 1.0305 level as stop loss. Support and Resistance (S3) 1.0258 (S2) 1.0273 (S1) 1.0282 (PP) 1.0298 (R1) 1.0313 (R2) 1.0322 (R3) 1.0338 Trading forecast Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 1.0340 with stop loss at 1.0305 and take profit at 1.0465 are recommended.

AUD/JPY Elliott Wave Last week the AUD/JPY pair was trading downwards, impulsive wave (1) (coloured green) of the bigger © wave (coloured red) was developing. During the Friday's Asian session the AUD/JPY pair pushed slightly lower and the price reached 95.52 level, we can consider this movement as the end of the (1) wave (coloured green). Therefore, during the European and New York sessions this exotic currency did not manage to hold this level and the price started pushing higher reaching a new high at 96.68 level. At the moment the AUD/JPY pair is trading around 97.75 level and we expect to see the price below 94.60 level when development of the (3) wave (coloured green) ends. In accordance with our wave rules and taking into account that the wave 3 should retrace 161.8% of the wave 1 we can define the potential targets with measuring wave 1 with take profit at 94.55 (161.8% of wave 1). To reduce the risk, we can use invalidation at 97.43 level as stop loss. Support and Resistance (S3) 95.02 (S2) 95.46 (S1) 95.74 (PP) 96.18 (R1) 96.62 (R2) 96.90 (R3) 97.34 Trading forecast Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 96.50 with stop loss 97.43 and take profit at 94.55 are recommended.

EUR/AUD Elliott Wave Since our last analysis the EUR/AUD was trading downwards, so we need to change our primary count. Yesterday, during the Asian session, we could observe an ascending movement from 1.2981 towards 1.3090 level and we can consider this movement as the final sub-wave of the corrective B wave (coloured blue) triangle. Therefore, during the European and New York sessions this currency did not manage to hold this level and price retraced to 1.2963 level (3 days low). This move confirms that C wave starts and we are expecting to see the price pushing a little more lower today to finish all five sub-waves of this corrective movement. In accordance with our wave rules and taking into account that the wave C should retrace 100% of the wave A, we can define the potential targets with measuring wave A with take profit at 1.2800 (100% of wave A). To reduce the risk, we can use invalidation at 1.2963 level as stop loss. Support and Resistance (S3) 1.2874 (S2) 1.2892 (S1) 1.2902 (PP) 1.2919 (R1) 1.2937 (R2) 1.2947 (R3) 1.2964 Trading Forecast Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 1.2900 with stop loss 1.2963 and take profit at 1.2800 are recommended.

GBP/USD Elliott Wave For the last few days the GBP/USD pair was trading upwards, corrective wave (A) (coloured red) of the bigger wave 2 (coloured purple) was developing. During the Friday's Asian and European sessions we could observe strong ascending movement from 1.5715 towards the 1.5844 level and we can consider this movement as the end of the impulsive wave (5) (coloured green) of the bigger (A) wave (coloured red). Therefore, during the New York session this major pair did not manage to hold this level and the price started pushing lower reaching 1.5784 level. At the moment the GBP/USD pair is trading around 1.5760 level and we expect to see one more bullish movement in this pair when the development of the © wave (coloured red) starts. In accordance with our wave rules and taking into account that wave C should retrace 100% of the wave A, we can define the potential targets with measuring wave A with take profit at 1.5951 (100% of wave A). To reduce the risk, we can use invalidation at 1.5632 level as stop loss. Support and Resistance (S3) 1.5579 (S2) 1.5641 (S1) 1.5719 (PP) 1.5781 (R1) 1.5859 (R2) 1.5921 (R3) 1.5999 Trading forecast Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 1.5800 with stop loss 1.5632 and take profit at 1.5951 are recommended.

EUR/USD Elliott Wave Since our last analyses the EUR/USD pair was trading downwards, corrective wave © (coloured green) of the bigger (4) wave (coloured red) was developing. Yesterday during the Asian session we could observe ascending movement toward the 1.3577 level and we can consider this move as the end of the corrective wave ( (coloured green) of the bigger (4) wave (coloured red). Therefore, during the European and New York sessions this currency pair did not manage to hold this level and the price started pushing lower reaching new lows at 1.3370 level. Today the EUR/USD pair is trading around 1.3420 level and we are expecting to see the price lower until sub-wave 5 (coloured blue) is over. In accordance with our wave rules and taking into account that the wave 5 should retrace 100% of the wave 1, we can define the potential targets with measuring wave 1 with take profit at 1.3340 (100% of wave 1). To reduce the risk, we can use invalidation at 1.3492 level as stop loss. Support and Resistance (S3) 1.3241 (S2) 1.3320 (S1) 1.3369 (PP) 1.3448 (R1) 1.3527 (R2) 1.3576 (R3) 1.3655 Trading forecast Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 1.3440 with stop loss 1.3492 and take profit at 1.3340 are recommended.

USD/CAD analysis for February 5, 2013 USD/CAD Elliott Wave For the last few days the USD/CAD pair was trading in a downward channel, corrective wave (A) (coloured green) of the bigger (2) wave (coloured red) was developing. Yesterday during the Asian session we could observe descending movement toward the 0.9947 level and we can consider this move as the end of the 5 wave (Coloured blue) of the bigger (A) wave (coloured green). Therefore, during the European and New York sessions when development of the ( wave (coloured green) starts this major pair starts pushing higher reaching a new highs at 0.9992 level. We can consider this move as the end of the sub-wave A of the bigger ( wave. At the moment the USD/CAD pair is trading in a final C wave and we expect to see the price above 1.0000 level soon. In accordance with our wave rules and taking into account that the wave C should retrace 100% of the wave A, we can define the potential targets with measuring wave A with take profit at 1.0020 (100% of wave A). To reduce the risk, we can use invalidation at 0.9947 level as stop loss. Support and Resistance (S3) 0.9930 (S2) 0.9947 (S1) 0.9958 (PP) 0.9975 (R1) 0.9992 (R2) 1.0003 (R3) 1.0020 Trading forecast Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 0.9980 with stop loss 0.9947 and take profit at 1.0020 are recommended. AUD/USD analysis for February 5, 2013 AUD/USD Elliott Wave Last week the AUD/USD pair was trading in a downward move, impulsive wave (1) (coloured green) of the bigger © wave (coloured red) was developing. During the Monday’s Asian and European sessions we could observe ascending movement from 1.0408 toward the 1.0441 level. Therefore, during the early New York session this commodity pair continued trading in a bullish mood and the price reached a new daily high at 1.0457 level. We can consider this move as the end of the © wave (coloured pink) of the bigger 4 wave (coloured blue). At the moment the AUD/USD pair is trading around 1.0401 level and we expect to see the price around 1.03400 level when development of the 4 wave ends. In accordance with our wave rules and taking into account that the wave 5 should retrace 100% of the wave 1, we can define the potential targets with measuring wave 1 with take profit at 1.0337 (100% of wave 1). To reduce the risk, we can use invalidation at 1.0485 level as stop loss. Support and Resistance (S3) 1.0396 (S2) 1.0409 (S1) 1.0417 (PP) 1.0429 (R1) 1.0442 (R2) 1.0450 (R3) 1.0462 Trading forecast Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 1.0440 with stop loss 1.0485 and take profit at 1.0337 are recommended.

Gold Elliott Wave For the last few days gold was trading downward, impulsive wave 5 (coloured blue) of the bigger (A) wave (coloured green) was developing. During the Friday's European session we could observe strong descending movement from 1,670.90 toward the 1,655.92 level. Therefore, during the New York session this commodity did not manage to hold this level and the price started trading in a sideways move. Today we are expecting one more push lower before we can see strong bullish move when development of the ( wave starts. In accordance with our wave rules and taking into account that the wave B should retrace 50% of the wave A, we can define the potential targets with measuring wave A with take profit at 1,6730.20 (50% of wave A). To reduce the risk, we can use support at 1,640.00 level as stop loss. Support and Resistance (S3) 1,635.1 (S2) 1,645.1 (S1) 1,651.7 (PP) 1,661.7 (R1) 1,668.3 (R2) 1,678.3 (R3) 1,684.9 Trading forecast Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 1,665.12 with stop loss 1,640.00 and take profit at 1,673.20 are recommended.

Gold Elliott Wave All week gold was traded in a downward move, corrective (A) wave (coloured green) of the bigger (Y) wave (coloured red) was developing. Yesterday during the European session we could observe strong descending movement from 1,683.15 toward the 1,664.93 level. Therefore, during the New York session this commodity continued trading in a bearish mood and the price reached a 1,663.48 level. We can consider this move as the end of the impulsive 3 wave (coloured blue) of the bigger (A) wave (coloured green). At the moment gold is trading around 1,669.15 level and we are expecting to see the continuation of the downward move when development of wave 4 (coloured blue) ends. In accordance with our wave rules and taking into account that wave 5 should retrace 161.8% of wave 1, we can define the potential targets with measuring wave 1 with take profit at 1,665.02 (161.8% of wave 1). To reduce the risk, we can use resistance at 1,683.15 level as stop loss. Support and Resistance (S3) 1637.1 (S2) 1650.6 (S1) 1658.7 (PP) 1672.2 (R1) 1680.3 (R2) 1693.8 (R3) 1701.9 Trading forecast Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 1,675.85 with stop loss 1,683.15 and take profit at 1,665.02 are recommended.

USD/JPY Elliott Wave Since our last analysis the USD/JPY pair was trading upward, corrective ( wave (coloured red) of the bigger 4 wave (coloured purple) was developing. Yesterday during the Asian and European sessions we could observe ascending movement from 88.05 toward the 88.73 level. Therefore, during the New York session this major pair continued trading in a bullish mood and the price reached 2-day high at 89.30 level. Currently the USD/JPY pair is trading around 78.6% of the BvsA and we are expecting to see big drop today when final C waves (coloured red) starts. In accordance with our wave rules and taking into account that the wave C should retrace 100% of the wave A, we can define the potential targets with measuring wave A with take profit at 87.64 (100% of wave A). To reduce the risk, we can use invalidation at 90.24 level as stop loss. Support and Resistance (S3) 87.75 (S2) 88.03 (S1) 88.20 (PP) 88.48 (R1) 88.76 (R2) 88.93 (R3) 89.21 Trading forecast Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 89.70 with stop loss 90.24 and take profit at 87.64 are recommended.

NZD/USD Elliott Wave Last week the NZD/USD pair was trading downward, impulsive 3 wave (coloured blue) of the bigger (3) wave (coloured green) was developing. During the Friday's Asian session we could observe descending movement from 0.8374 toward the 0.8333 level. Therefore, during the European and New York sessions this commodity pair did not manage to hold bearish mood and the price started traded side-ways. Presently the NZD/USD pair is trading around the 0.8326 level and we expect continuation of the bearish movement from last week continues soon. In accordance with our wave rules and taking into account that the wave 3 should retrace 261.8% of the wave 1, we can define the potential targets with measuring wave 1 with take profit at 0.8234 (261.8% of wave 1). To reduce the risk, we can use invalidation at 0.8381 level as stop loss. Support and Resistance (S3) 0.8286 (S2) 0.8310 (S1) 0.8334 (PP) 0.8358 (R1) 0.8382 (R2) 0.8406 (R3) 0.8430 Trading forecast Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 0.8350 with stop loss 0.8381 and take profit at 0.8234 are recommended.