Market Overview
Yesterday the AUD/USD pair was trading within upward movement. During the European session the major started the descending movement to the 1.0530 support level. Therefore during the New York session we could observe the bullish mood; the price has reached the new daily high at 1.0635 level. The AUD/USD pair did not manage to hold this level and at the end of New York session we saw a pullback towards the 1.0605 level. Today during the Asian session we could observe strong downward movement of this pair and price test 1.0520 support level. Today the AUD/USD pair is expected to test 1.0600 level again. Also it is necessary to consider the data concerning the USD Building Permits, Housing Starts, Treasury Sec Geithner Speaks and Fed Chairman Bernanke Speaks that can affect the rate of the pair.

Support and Resistance levels
(S3) 1.0522 (S2) 1.0552 (S1) 1.0571 (PP) 1.0601 (R1) 1.0631 (R2) 1.0650 (R3) 1.0680

AUD/USD Elliott Wave Analysis
The AUD/USD pair has finished the wave A (colored pink) of the bigger wave B (colored blue) in the point 1.0619. Presently we can observe the end of the  wave B (colored pink). In accordance with our wave rules and taking into account that the wave C is equal to the wave A, we can define the potential targets with help of Fibonacci retracement (1.0422-1.0619-1.0469); the first Take Profit is to be placed at level 1.0599 (61.8% of the wave A), the second Take Profit at 1.0681 (100% of the wave A). For Stop Loss we can use the support level 1.0450.

Trading Forecast
Proceeding from Elliott Wave Rules, today the trend is expected to begin an upward movement. That is why long positions at levels 1.0500 with Stop Loss at 1.0450, Take Profit at 1.0599 and Take Profit 2 at 1.0681 are recommended.