AUD/USD is developing potential impulse wave C of medium term uptrend (coral in the chart) from 1.0226. Within this wave there are two subwaves (magenta in the chart), and potential corrective subwave B is developing from 1.0451. Within this wave we have A-B-C cycle that is developing now (red in the chart), subwave C started at 1.0378.
Now the targets below are Fibonacci retracements of 1.0226-1.0451, and expansions off 1.0451-1.0311-1.0378.
Supports:
- 1.0312 = .618 retracement
- 1.0291 = contracted objective point (COP)
- 1.0238 = objective point (OP)
The targets above are Fibonacci retracements of 1.0636-1.0226.
Resistances:
- 1.0479 = .618 ret
Overbought/Oversold
The larger wave is now moving up, so it's prefereable to go long when the Detrended Oscillator goes below the zero level (current prices) or into the oversold area (15-25 pips below the current prices), watch for possibilities to go long at or near the indicated supports.
