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Wednesday, October 12, 2011

AUD/USD Elliott wave count and Fibonacci levels for October 12, 2011



Roman Molodiashin
Wave analysis


AUD/USD is developing corrective wave A of medium term uptrend (colored light green in the chart). Within this wave there are A and B waves of smaller degree (colored magenta in the chart), with wave B still developing from 1.0014. The targets of the upmove are Fibonacci retracements of 0.987-1.0014, and expansions off 0.9387-1.0014-0.9865.
Resistances:
- 1.0077 = .50 retracement
- 1.0240-52 = confluence area of .618 ret and contracted objective point (COP)
If the price reverses to the downside the immediate supports will be Fibonacci retracements of 0.9387-1.0014.
Supports:
- 0.9774 = .382 ret
- 0.9701 = .50 ret
- 0.9627 = .618 ret

Overbought/Oversold
Assuming that the larger wave is now moving up it's preferable to try long positions when the Detrended Oscillator goes below the zero level (5-15 pips below the current prices) or gets into the oversold area (45-65 pips below the current prices).
http://instaforex.com/forex_analysis/41221/?x=OUE
InstaForex

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