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AUD/USD Elliott Wave Last Friday the AUD/USD pair was trading in a downward move developing corrective wave 2 (coloured blue) of the bigger (3) wave (coloured green). During the Asian and European sessions, we could observe descending movement towards the new daily low of 1.0240. Therefore, during the early New York session, the AUD/USD pair continued trading in a bearish mood and price reached a new daily low at 1.0178 level. Today we could observe the price trading around 1.0170 and we are expecting to see the price around 1.0110 level. In accordance with our wave rules and taking into account that the wave 2 retraces 61.8% of the wave 1, we can define the potential targets with Fibonacci Retracements (0.9968-1.0328) with Take Profit at 1.0106(61.8% of wave 1). Resistance point at 1.0242 can be used as a Stop Loss point. Support and Resistance Levels (S3) 1.0114 (S2) 1.0157 (S1) 1.0184 (PP) 1.0227 (R1) 1.0270 (R2) 1.0297 (R3) 1.0340 Trading Forecast Proceeding from Elliott Wave Rules this week, the trend is expected to begin the downward movement. That is why short positions at level 1.0160 with Stop Loss at 1.0242 and Take Profit at 1.0106 are recommended.