According to wave count AUD/USD is now trading in corrective subwave 4 (colored red) of the impulse wave C (colored magenta). The targets of the corrective down wave are Fibonacci retracements of 0.9330-0.9599, 0.9355-0.9599, 0.9441-0.9599.
Supports:
- 0.9520 = .50 retracement
- 0.9506-01 = confluence area of .382 and .618 retracements
- 0.9477 = .50 ret
- 0.9465 = .50 ret
- 0.9448 = .618 ret
- 0.9433 = .618 ret
In case the price breaks above 0.9599 the nearest resistances will be Fibonacci expanions off 0.9091-0.9456-0.9330 and 0.9330-0.9468-0.9355.
Resistances:
- 0.9695 = objective point (OP)
- 0.9716 = super expanded objective point (SXOP)
Overbought/Oversold
The Detrended Oscillator is in the oversold area. Assuming that the current wave down is corrective, it's advisable to stand aside until a serious bottoming signal appears, especially if the price reaches one of the Fibonacci supports listed above.
