AUD/USD Elliott Wave  
For the last few days the AUD/USD pair has been trading sideways, 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 1.0238 towards the 1.0289 level and we can consider this move as the end of the corrective wave B (coloured blue). Therefore, during the early New York session this currency did not manage to hold this level and price retraced back to 1.0235 level. We can consider this movement as the end of the sub-wave (3) (coloured pink) of the bigger C wave. At the moment we are at the end of the sub-waves 4 (coloured pink) and we expect to see price below 1.0210 level in the next 2 sessions. In accordance with our wave rules and taking into account that the wave 2 should retrace 50% of the wave 1, we can define the potential targets with measuring wave 1 with take profit at 1.0207 (50% of wave 1). To reduce the risk, we can use resistance at 1.0300 level as stop loss.

Support and Resistance 
(S3) 1.0157 (S2) 1.0187 (S1) 1.0228 (PP) 1.0258 (R1) 1.0299 (R2) 1.0329 (R3) 1.0370

Trading Forecast 
Proceeding from Elliott Wave rules today, the trend is expected to begin the downwards movement. That is why short positions at level 1.0260 with stop loss 1.0300 and take profit at 1.0207 are recommended.