Tuesday, July 26, 2011

AUD/USD Elliott Wave count and Fibonacci levels - 26 July 2011

AUD/USD is moving within wave C of long term uptrend - from 1.0561 (colored light green in the chart). At the moment this wave consists of five subwaves - colored red in the chart. Subwave 5 is still developing from 1.0795. There are A, B and C waves of still smaller degree in subwave 5. Subwave C is developing from 1.0821 (colored yellow in the chart).

The targets of the upmove are Fibonacci expansions off 1.0390-1.0797-1.0561, 1.0561-1.0772-1.0694, 1.0694-1.0873-1.0795, 1.0795-1.0875-1.0821.


- 1.0905-06 = confluence area of objective point (OP) and contracted objective point (COP)
- 1.0950 = expanded objective point (XOP)
- 1.0968 = OP
- 1.0974 = OP
- 1.1030-35 = confluence area of super expanded objective point (SXOP) and XOP

If the price reverses to the downside the immediate supports will be Fibonacci retracements of the wave up from 1.0561 - this wave is not developed yet, therefore no support are available so far.


Assuming that the medium term trend is up it's preferable to try long positions when the Detrended Oscillator goes below the zero level (50-60 pips below the current prices) or gets into the oversold area (70-80 pips below the current prices).

Performed by Roman Molodiashin, Analytical expert
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