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 magenta in the chart), and subwave C is still developing from 1.0650. The latter, by the way, also has three subwaves (colored red in the chart), with impulse subwave C still developing from 1.0728.
Now the targets above the current price level are Fibonacci expansions off 1.0597-1.0754-1.0650, 1.0650-1.0786-1.0728.
Resistances:
- 1.0864 = objective point (OP)
- 1.0904 = expanded objective point (XOP)
- 1.0904 = expanded objective point (XOP)
However if the price reverses to the downside and breaks below 1.0728, the immediate supports will be Fibonacci retracements of the wave up from 1.0650 - this wave is not developed yet, so no supports are available so far.
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 (current prices) or into the oversold area (20-30 pips below the current prices), watch for possibilities to go long at or near the indicated supports.
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