AUD/USD is forming an impulse wave C of the 4th order in an upturning midterm trend from 1.0418. Inside it there is also an impulse C from 1.0621 – the wave of the 3rd order development. The aims above are now calculated by the extension grids 0.9928-1.0600-1.0315, 1.0315-1.0533-1.0418, 1.0418-1.0685-1.0621.
Resistances:
- 1.0771 = extension 161.8%
- 1.0786 = extension 61.8%
- 1.0888 = 100%
For the targets below we can use the correction grid 1.0418-1.0771.
Supports:
- 1.0636 = correction 38.2%
- 1.0595 = 50%
- 1.0553 = 61.8%
The direction of the trades – BUY up to the break of 1.0621 to the downside.
Wave levels (annotation):
1st order (the lowest) – dashed line
2nd and 3rd order and higher – the width of the line 1, 2 etc.
The same is applied for the Fibonacci grids.
