AUD/USD currency pair has ended the 3-wave figure ABC of the 5th order. At the moment a new A wave of the 5th order is being formed from 1.0386, we observe 5 waves of the 2nd order in it, the 5th is continuing from the 1.0273 level. In its turn, it has A, B and C subwaves of the 1st order.
At the moment the closest downside targets are calculated by Fibonacci extension grids 1.0386-1.0304-1.0372, 1.0372-1.0205-1.0273.
Support levels:
- 1.0126 = extension 161.8%
- 1.0106 = 100%
- 1.0054 = 261.8%
In case the upside correction continues, closest resistance levels will be provided by the pair reverses to the downside the closest supports will be provided by the Fibonacci correction grid 1.0386-1.0145.
Resistance levels:
- 1.0237 = 38.2%
- 1.0265 = 50%
- 1.0294 = 61.8%
Trades trend – SELL up to the break of 1.0242 to the upside.
Wave levels (annotation):
1st order (the lowest) – a dashed line;
2nd and 3rd order and higher – line width 1, 2, …, etc.
The same is applied to the Fibonacci grids.
