The AUD/USD pair is forming the correction wave 4 of the 3rd order of the upside medium-term trend from 1.0512. Its targets are provided by the correction net 0.9928-1.0512.
Closest resistances:
- 1.0289 = correction 38.2%
- 1.0220 = 50%
- 1.0151 = 61.8%
If the downside movement resumes with a break of 1.0512 the nearest resistance levels will be provided by the correction nets 1.1079-0.9928, as well as extension nets 0.9928-1.0414-1.0111, 1.0111-1.0358-1.0246 and 1.0246-1.0512-1.0407.
Resistances:
- 1.0571 = extension 61.8%
- 1.0597 = extension 100%
- 1.0639-46 = accumulation of levels - correction 61.8% and extension 161.8%
- 1.0673 = extension 100%
Deal direction – BUY until the break of 1.0407 down or the break of the upside channel of the line regression from 0.9928.
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
