AUD/USD broke the upper border of the range (1.0449) to continue the uptrend. According to wave count we have wave C of medium term uptrend developing from 1.0231 (colored royal blue in the chart), and there's a variety of subwaves within this wave. There are A, B and C subwaves (colored magenta in the chart) with subwave C still developing from the lower border of the range - 1.0354. Inside this subwave there are waves of still smaller degree - impulse subwave C is developing from 1.0370 (colored red in the chart).
The targets of the upmove are Fibonacci expansions off A-B waves and subwaves: 1.0145-1.0377-1.0231, 1.0231-1.0449-1.0354, and 1.0354-1.0436-1.0370, 1.0370-1.0433-1.0382, 1.0382-1.0493-1.0458.
Resistances:
- 1.0503 = expanded objective point (XOP)
- 1.0527 = contracted objective point (COP)
- 1.0547 = super expanded objective point (SXOP)
- 1.0569-72 = confluence area of two objective points (OP)
- 1.0527 = contracted objective point (COP)
- 1.0547 = super expanded objective point (SXOP)
- 1.0569-72 = confluence area of two objective points (OP)
But if the price reverses to the downside the immediate supports will be Fibonacci retracements of the wave up from 1.0354 - this wave is not developed yet, so no supports are available so far.
Overbought/Oversold
The larger wave is still going up, that's why it's prefereable to open longs when the Detrended Oscillator goes below the zero level (20-25 pips below the current prices) or into the oversold area (35-45 pips below the current prices).
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