Today AUD/USD is trading in a narrow flat, but according to wave count we have the following waves and subwaves:
There's wave C of medium term uptrend, that is developing from 1.0231 (colored magenta in the chart). And within this wave there's potential impulse subwave C that started from 1.0364 (colored red in the chart). And inside this wave there's subwave C that is developing from 1.0370 (colored orange red in the chart).
The targets above are Fibonacci expansions off 1.0145-1.0377-1.0231 (the magenta A-B waves), 1.0231-1.0449-1.0354 (the red A-B waves), and 1.0354-1.0436-1.0370 (the orange red ones).
Resistances:
- 1.0452 = objective point (OP)
- 1.0463 = OP
- 1.0489 = contracted objective point (COP)
- 1.0503 = expanded objective point (XOP)
- 1.0572 = OP
- 1.0606 = XOP
- 1.0463 = OP
- 1.0489 = contracted objective point (COP)
- 1.0503 = expanded objective point (XOP)
- 1.0572 = OP
- 1.0606 = XOP
But if the price keeps declining and breaks below 1.0370, the targets below will be Fibonacci retracements of 1.0145-1.0449, 1.0231-1.0449, and expansions off 1.0449-1.0354-1.0436.
Immediate supports:
- 1.0341-40 = confluence area of objective point (OP) and .50 retracement
- 1.0333 = .382 ret
- 1.0314 = .618 ret
- 1.0297 = .50 ret
- 1.0282 = expanded objective point (XOP)
- 1.0261 = .618 ret
- 1.0333 = .382 ret
- 1.0314 = .618 ret
- 1.0297 = .50 ret
- 1.0282 = expanded objective point (XOP)
- 1.0261 = .618 ret
Overbought/Oversold
The larger wave is still going up, that's why we'd better open longs when the Detrended Oscillator goes below the zero level (current prices) or into the oversold area (15-25 pips below the current prices).
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