Monday, August 15, 2011

AUD/USD Elliott Wave count and Fibonacci levels - August 15, 2011

AUD/USD is moving within wave B (from 1.0928) of medium term downtrend - colored royal blue in the chart. Within wave B there are A, B and C subwaves (colored red in the chart) with subwave C still developing from 1.0111. The targets of the upmove are Fibonacci retracements of 1.1079-0.9928, and expansions off 0.9928-1.0414-1.0111, 1.0111-1.0358-1.0246.

Resistances:

- 1.0493-1.0504 = confluence area of objective point (OP) and .50 retracement
- 1.0597 = OP
- 1.0639-46 = confluence area of .618 ret and expanded objective point (XOP)

If the price reverses to the downside the immediate supports will be Fibonacci retracements of the wave up from 0.9928 - this wave is not developed yet, so no supports are available so far.


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 (current prices) or gets into the oversold area (45-65 pips below the current prices).

Performed by Roman Molodiashin, Analytical expert

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