AUD/USD finished the downwave from 1.08944 to 1.0597 - this is corrective wave B of medium term uptrend (colored light green in the chart). Now potential impulse wave C is developing from 1.0597. Within this wave we have A, B, and C subwaves (colored red in the chart), and subwave C is still developing from 1.0650. The latter, by the way, also has three subwaves (colored yellow in the chart), with potential impulse subwave C still developing from 1.0743.
Now the targets above the current price level are Fibonacci expansions off 1.0597-1.0754-1.0650, 1.0650-1.0784-1.0743.
Resistances:
- 1.0807 = objective point (OP)
- 1.0826 = contracted objective point (COP)
- 1.0877 = OP
- 1.0826 = contracted objective point (COP)
- 1.0877 = OP
However if the price reverses to the downside and breaks below 1.0743, the immediate supports will be Fibonacci retracements of 1.0650-1.0784.
Supports:
- 1.0733 = .382 retracement
- 1.0717 = .50 ret
- 1.0701 = .618 ret
- 1.0717 = .50 ret
- 1.0701 = .618 ret
Overbought/Oversold
The larger wave is now moving up, so it's prefereable to go long when the Detrended Oscillator goes below the zero level (15-20 pips below the current prices) or into the oversold area (35-50 pips below the current prices), watch for possibilities to go long at or near the indicated supports.
No comments:
Post a Comment