Technical analysis
Sergey Litvinenko
AUD/USD is developing wave A of medium term downtrend (colored light green in the chart). Within this wave there are three subwaves (colored royal blue in the chart) with impulse subwave C still developing from 1.0343. Within the latter wave C there are also waves A, B and C (colored magenta in the chart) with subwave C still developing from 1.0106. The tragets of the downmove are Fibonacci expansions off 1.0752-1.0051-1.0343, 1.0343-0.9964-1.0106, 1.0106-0.99808-0.9898, 0.9898-0.9812-0.9868.
Supports:
- 0.9643-42 = confluence area of super expanded objective point (SXOP) and objective point (OP)
- 0.9600 = OP
- 0.9493 = expanded objective point (XOP)
- 0.9416 = XOP
- 0.9600 = OP
- 0.9493 = expanded objective point (XOP)
- 0.9416 = XOP
If the price reverses to the upside the immediate resistances will be Fibonacci retracements of 1.0106-0.9663, 0.9898-0.9663.
Resistances:
- 0.9753 = .382 retracement
- 0.9781 = .50 ret
- 0.9808 = .618 ret
- 0.9832 = .382 ret
- 0.9885 = .50 ret
- 0.9937 = .618 ret
- 0.9781 = .50 ret
- 0.9808 = .618 ret
- 0.9832 = .382 ret
- 0.9885 = .50 ret
- 0.9937 = .618 ret
Overbought/Oversold
Assuming that the larger wave is now moving down it's preferable to try short positions when the Detrended Oscillator goes above the zero level (20-25 pips above the current prices) or gets into the overbought area (50-65 pips above the current prices).
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