The AUD/USD pair finished the wave 1.0844-1.0597 (A of the 5th order) forming a correction that comprises the sub-wave A of the 2nd order coming to the point 1.0754. Along with this wave the corrective wave B is forming.
The downside targets are calculated according to the expansion grids 1.0844-1.0597-1.0754 and correction grids 1.0597-1.0754. Nearest support levels:
- 1.0694 = 38.2%
- 1.0676 = 50%
- 1.0657 = 61.8%
- 1.0601 = 61.8% expansion
If the pair continues the upward movement, the nearest resistance levels will be provided by the correction grid 1.0844-1.0597 and expansion grid for the wave 1.0597-1.0754 including its unfinished correction.
Resistance levels:
- 1.0750 = 61.8%
Direction of deals: BUY-deals are recommended as long as the pair is higher than 1.0660.
Wave levels (marking):
1st order (the lowest) – dotted line
2nd, 3rd order and higher - line weight 1, 2 etc.
The same is for Fibonacci grids.
