AUD/USD is developing impulse wave 5 of medium term uptrend from 1.0525 (colored royal blue in the chart). Within this wave we have corrective subwave B that is developing from 1.0756 (colored magenta in the chart). And the latter in its turn has A, B, and C subwaves (colored yellow in the chart), and subwave C is still developing from 1.0746.
Now the targets of the downmove are Fibonacci retracements of 1.0525-1.0756 and expansions off 1.0756-1.0679-1.0746.
Supports:
- 1.0669-68 = confluence area of objective point (OP) and .382 retracement
- 1.0640 = .50 ret
- 1.0621 = expanded objective point (XOP)
- 1.0613 = .618 ret
- 1.0544 = super expanded objective point (SXOP)
- 1.0640 = .50 ret
- 1.0621 = expanded objective point (XOP)
- 1.0613 = .618 ret
- 1.0544 = super expanded objective point (SXOP)
But if the price breaks above 1.0756 the immediate resistances will be Fibonacci expansions off 1.0145-1.0377-1.0231, 1.0231-1.0687-1.0525.
Resistances:
- 1.0807 = contracted objective point (COP)
- 1.0838 = super expanded objective point (SXOP)
- 1.0838 = super expanded objective point (SXOP)
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 (30-45 pips below the current prices), watch for possibilities of going long at or near the indicated supports.
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