AUD/USD has finished corrective subwave B (colored red in the chart) at 1.0525 (.618 retracement of subwave A), and now is developing potential impulse subwave C that is part of impulse wave C of a larger degree (colored magenta in the chart) that started from 1.0427.
Now the targets above the current price are Fibonacci expansions off 1.0145-1.0377-1.0231, 1.0231-1.0573-1.0427, 1.0427-1.0687-1.0525.
Resistances:
- 1.0686 = contracted objective point (COP)
- 1.0769 = objective point (OP)
- 1.0785 = OP
- 1.0838 = SXOP
- 1.0769 = objective point (OP)
- 1.0785 = OP
- 1.0838 = SXOP
However if the price reverses down for a corrective wave of larger degree the immediate supports will be Fibonacci retracements of 1.0427-1.0687, 1.0231-1.0687.
Supports:
- 1.0526 = .618 retracement
- 1.0513 = .382 ret
- 1.0459 = .50 ret
- 1.0405 = .618 ret
- 1.0513 = .382 ret
- 1.0459 = .50 ret
- 1.0405 = .618 ret
Overbought/Oversold
The larger wave is still moving up, so it's prefereable to open longs when the Detrended Oscillator goes below the zero level (5-10 pips below the current prices) or into the oversold area (30-45 pips below the current prices).
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