Trading idea for the AUD/USD pair

analytics5f3f67ab427ad.jpg

After a strong short impulse on Wednesday and Thursday, the AUD / USD pair has partially recovered and is now trading around the round level of 0.72. Its quote is at half of the total drop realized on the pair, so to reduce even further the price, following the scheme presented below:

analytics5f3f669eda6e8.jpg

So, using Elliott Wave Theory, take the latest impulse as wave "A" and work for a breakout from the current support level. Overcoming the level of 0.7060 is a priority, and such will be the target profit in trading.

However, the short scenario will be canceled if the quote breaks out of the price level 0.72700. Nonetheless, Price Action and Stop Hunting strategies shall be used for further techniques.

Good luck!

The material has been provided by InstaForex Company - www.instaforex.com