AUD/USD wave analysis for August 11, 2011
The AUD/USD pair finished the C wave of the 3rd order from 1.1063 to 0.9928 and is now forming the 4th correction wave from 0.9928. Its targets can be calculated in accordance with correction nets 1.1063-0.9928 and extensions 0.9928-1.0414-1.011 (they are A-B subwaves of the 2nd order in the 4th wave).
Closest resistances:
- 1.0411 = extension 61.8%
- 1.0496 = correction 50%
- 1.0597 = extension 100%
- 1.0629 = correction 61.8%
If the downside movement resumes the nearest support levels will be provided by the extension net 1.1079-0.9928-1.0414.
Support:
- 0.9928 = last low
- 0.9703 = extension 61.8%
Deal direction – BUY until the break of 1.0111.
Wave levels (annotation):
1st order – dotted line
2nd, 3rd order and higher – line width 1, 2 etc.
The same scheme is employed for Fibonacci nets and line regression channels
