AUD/USD is developing wave A of medium term downtrend (colored royal blue in the chart). Within this wave there are A, B and C subwaves (colored orange red in the chart), and subwave C is developing from 1.0611. The targets of the downomve are Fibonacci retracements of 1.0117-1.0752, 0.9387-1.0752, and expansions off 1.0752-1.0506-1.0611.
Supports:
- 1.0435 = .50 retracement
- 1.0365-60 = confluence area of objective point (OP) and .618 ret
- 1.0231 = .382 ret
- 1.0213 = expanded objective point (XOP)
- etc.
If the price reverses to the upside the immediate resistances will be Fibonacci retracements of the wave down from 1.0752 - this wave is not developed yet, so no resistances are available so far.
Overbought/Oversold
Assuming that the larger wave is now moving down it's preferable to try short positions when the Detrended Oscillator goes above the zero level (60-70 pips above the current prices) or gets into the overbought area (90-100 pips above the current prices).
Read more on how to apply Fibonacci studies to calculate price targets.
