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    AUD/USD Elliott Wave Count and Fibonacci Levels for June 1, 2012


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    • Taking into account the previous events, the last double bottom has been set at the level of 0.9072 and support is placed at the same level on May 14, 2015. Additionally, the USD/CHF pair has been still trading between 0.9072 and 0.9196. Besides, the key level is set at 0.9272 because it is representing strong support and is coinciding with the last bottom of the USD/CHF pair on the H1 chart. Equally important, the double top will form the last bearish wave. As it is know, history will probably repeat itself at this level again. Afterwards, it will be a good sign to buy above 0.90272 with the first target of 0.9135. Furthermore, it will call for an uptrend in order to continue its bullish movement towards 0.9196 (23.6% of Fibonacci retracement levels at the same time frame). However, the stop loss should never exceed your maximum exposure amounts, so the stop loss should be placed below 0.9072, at the price of 0.9033. On the other hand, if the trend does not fail to close below the level of 0.9033, It will call for a downtrend with a view to continue its bearish movement towards 0.9005 to form a new double bottom. In the same way, it should be noted that the price of 0.9005 is going to represent the weekly support 1
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