The AUD/USD pair finished the wave 1.0844-1.0597 (A of the 5th order) and is presently forming the correction. Within this correction the sub-waves A and B of the 3rd order have been formed including the developing impulse wave C. With breakdown in the point 1.0844 this wave can be considered as an impulse one, as the base of the previous wave is likely to be broken down. The upside targets are calculated according to the expansion grids 1.0597-1.0754-1.0650, 1.0650-1.0784-1.0743.
Nearest resistance levels:
- 1.0807 = 100% expansion
- 1.0826 = 61.8%
- 1.0877 = 100%
If the pair reverses downwards, the nearest support levels will be provided by the correction grid for the upper wave from 1.0650. This wave is not completed yet, that is the reason why the resistance levels are not available.
Direction of deals: BUY-deals are recommended as long as the pair remains higher than 1.0650.
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.
