Monday, August 1, 2011

AUD/USD Elliott Wave count and Fibonacci levels - August 1, 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 two subwaves, A and B that is still developing - colored magenta in the chart.

The targets of the downmove are Fibonacci retracements of 1.0561-1.1079.

Supports:
- 1.0881 = .382 retracement
- 1.0820 = .50 ret
- 1.0759 = .618 ret

If the price continues its advance, the immediate resistances will be Fibonacci expansions off 1.0390-1.0797-1.0561, 1.0561-1.1079-1.0910.

Resistances:
- 1.1220 = expanded objective point (XOP)
- 1.1230 = contracted objective point (COP)


Overbought/Oversold

Assuming that the medium term trend is up it's preferable to try long positions when the Detrended Oscillator goes below the zero level (10-15 pips below the current prices) or gets into the oversold area (25-35 pips below the current prices).

Performed by Roman Molodiashin, Analytical expert
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