According to wave count AUD/USD is now developing wave C of the med term uptrend (waves colored magenta). Within this wave C we already have a set of A-B-C waves (colored red) of smaller degree, that give additional targets above the current price level. And within the latter there’s also a set of short term waves (colored orange red). In general, the targets above the current price level are Fibonacci expansions off 0.8772-0.9183-0.9091 (daily A-B waves, colored royal blue), 0.9091-0.9456-0.9330 (med term waves A-B, colored magenta), 0.9330-0.9468-0.9355 (A-B waves of smaller degree, colored red), and 0.9355-0.9493-0.9441 (the orange red waves – A-B).
Resistances:
– 0.9578-79 = confluence area of expanded objective point (XOP) and objective point (OP), reached (!)
– 0.9664 = XOP
– 0.9695 = OP
– 0.9716 = super expanded objective point (SXOP)In case the price reverses down for a correction the nearest supports will be Fibonacci retracements of 0.9441-0.9582.
Supports:
– 0.9528 = .382 retracement
– 0.9512 = .50 ret
– 0.9495 = .618 ret
Overbought/OversoldThe Detrended Oscillator is moving into the oversold. Assuming that the prevailing trend is up, it’s advisable to seek for bottoming sibnals to enter long now (since the oversold is here), or wait until the price hits a Fibonacci support (listed above).
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