AUD/USD is developing impulse wave A (light green in the chart) of medium term downtrend. Within this wave there are five subwaves (red in the chart), and potential corrective subwave A of A-B-C cycle is developing against the downtrend from 1.0020. Within this wave there are three subwaves (yellow in the chart), and impulse subwave ะก is still developing from 1.0033.
The targets above are Fibonacci retracements of 1.0473-1.0020, 1.0219-1.0020, and expansions off 1.0020-1.0085-1.0033.
Resistances:
- 1.0120 = .50 retracement
- 1.0138-43 = expanded objective point (XOP) and .618 ret
- 1.0193 = .382 ret
- 1.0203 = super expanded objective point (SXOP)
- 1.0246 = .50 ret
If the downtrend resumes the immediate supports will be Fibonacci expansions off 1.0473-1.0304-1.0354, 1.0354-1.0110-1.0219.
Supports:
- 0.9975 = objective point (OP)
- 0.9912 = SXOP
Overbought/Oversold
The larger wave is now moving down, so it's prefereable to go short when the Detrended Oscillator goes above the zero level (current prices) or into the overbought area (current prices), watch for possibilities to go short at or near the indicated resistances.
Read more on how to trade with Fibonacci levels.
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