EUR/AUD Elliott Wave
Since our last analyses the EUR/AUD pair was trading upwards, like we expected. Impulsive wave 1 (coloured blue) of the bigger wave (5) (coloured green) was developing. During the Friday's Asian session we could observe descending movement from 1.2934 towards the 1.2847 level and we can consider this movement as the end of the corrective C wave (coloured blue) of the bigger (4) wave (coloured green). Therefore, during the European and New York sessions when development of the (5) wave started the EUR/AUD pair did not manage to hold this level and the price pushed higher reaching a new highs at 1.2983 level. Today we could observe slight bearish movement towards the 1.2940 level and we can consider this movement as the end of 2 wave (coloured blue). In accordance with our wave rules and taking into account that wave 3 should retrace 161.8% of the wave 1, we can define the potential targets with measuring wave 1 with take profit at 1.3152 (161.8% of wave 1). To reduce the risk, we can use invalidation at 1.2846 level as stop loss.

Support and Resistance
(S3) 1.2793 (S2) 1.2845 (S1) 1.2876 (PP) 1.2928 (R1) 1.2980 (R2) 1.3011 (R3) 1.3063

Trading forecast 
Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 1.2985 with stop loss 1.2846 and take profit at 1.3152 are recommended.