AUD/USD broke above 1.0687 to continue the uptrend. Therefore corrective wave 4 (1.0687-1.0525 - colored royal blue in the chart) is over and now we have wave 5 that is developing from 1.0525. Inside this wave there are A, B and C subwaves (colored red in the chart), and subwave C is still developing from 1.0569.
The targets of the upmove are Fibonacci expansions off 1.0145-1.0377-1.0231, 1.0231-1.0687-1.0525, 1.0525-1.0684-1.0569.
Resistances:
- 1.0807 = contracted objective point (COP)
- 1.0826 = expanded objective point (XOP)
- 1.0838 = super expanded objective point (SXOP)
- 1.0826 = expanded objective point (XOP)
- 1.0838 = super expanded objective point (SXOP)
If the price reverses to the downside the immediate supports will be Fibonacci retracements of 1.0525-1.0756.
Supports:
- 1.0668 = .382 retracement
- 1.0640 = .50 ret
- 1.0613 = .618 ret
- 1.0640 = .50 ret
- 1.0613 = .618 ret
Overbought/Oversold
The larger wave is now moving up, so it's prefereable to open long positions when the Detrended Oscillator goes below the zero level (current prices) or into the oversold area (20-35 pips below the current prices), watch for possibilities going short at or near the indicated supports.
No comments:
Post a Comment