According to wave count AUD/USD is now trading in wave C of the medium term uptrend (waves colored magenta). Within this wave C we have a set of A-B-C waves (colored red) of smaller degree, that give additional targets above the current price level.
At the moment the nearest resistances are Fibonacci expansions off 0.8772-0.9183-0.9091, 0.9091-0.9456-0.9330, and 0.9330-0.9468-0.9355.
Resistances:
- 0.9493 = objective point (OP), reached exactly (!)
- 0.9502 = OP (off daily waves, colored royal blue)
- 0.9556 = contracted objective point (COP)
- 0.9578 = expanded objective point (XOP)
- 0.9695 = OP
In case the price reverses down for a correction the nearest supports will be Fibonacci retracements of 0.9355-0.9493.
Supports:
- 0.9440 = .382 retracement
- 0.9424 = .50 ret
- 0.9408 = .618 ret
Overbought/Oversold
The Detrended Oscillator is oscillating around the zero level. This type of movement confirms a very slow uptrend. Assuming that the aussie is still moving within an uptrend, it's advisable to look for bottoming signals to enter long against one of the Fibonacci supports (see above) or when the price gets into the oversold area (30-40 pips below the current price).
