AUD/USD is developing potential impulse wave C of medium term uptrend (coral in the chart) from 1.0226. Within this wave there are three subwaves (magenta in the chart), and potential impulse subwave C is developing from 1.0304. Within this wave we have subwaves A, and B (orange red in the chart), and subwave B is developing from 1.0417. Within the latter we have subwaves A, B, and potential C (orange red in the chart) developing from 1.0387.
Now the targets below are Fibonacci expansions off 1.0451-1.0304-1.0417, 1.0417-1.0340-1.0387.
Supports:
- 1.0339 = contracted objective point (COP)
- 1.0326 = COP
- 1.0310 = objective point (OP)
- 1.0270 = OP
- 1.0262 = expanded objective point (XOP)
If the price keeps moving up, the immediate resistances will be Fibonacci retracements of 1.0636-1.0226, and expansions off 1.0226-1.0451-1.0304, 1.0304-1.0417-1.0340.
Resistances:
- 1.0410 = COP
- 1.0443 = COP
- 1.0453 = OP
- 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 (15-30 pips below the current prices), watch for possibilities to go long at or near the indicated supports.
