AUD/USD is moving within impulse wave 5 of medium term uptrend (colored royal blue in the chart) that started from 1.0525. This wave consists of A and B subwaves, with subwave B still developing from 1.0844 (colored magenta in the chart).
The targets below are Fibonacci retracements of 1.0525-1.0844 (subwave A within wave 5).
Supports:
- 1.0722 = .382 retracement
- 1.0684 = .50 ret
- 1.0647 = .618 ret
- 1.0684 = .50 ret
- 1.0647 = .618 ret
However if the price reverses to the upside and breaks above 1.0844, the immediate resistances will be Fibonacci expansions off 1.0231-1.0687-1.0525, 1.0525-1.0844-1.0739.
Resistances:
- 1.0936 = contracted objective point (COP)
- 1.0981 = objective point (OP)
- 1.1058 = OP
- 1.0981 = objective point (OP)
- 1.1058 = OP
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 (30-35 pips below the current prices) or into the oversold area (60-75 pips below the current prices), watch for possibilities of going long at or near the indicated supports.
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