Tuesday, August 2, 2011

AUD/USD Elliott Wave count and Fibonacci levels - August 2, 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. Within wave B there are A, B and potential C, that is developing from 1.1063 - colored red in the chart.

The targets of the downmove are Fibonacci retracements of 1.0561-1.1079, and expansions off 1.1079-1.0910-1.1063.

Supports:
- 1.0894 = objective point (OP)
- 1.0881 = .382 retracement
- 1.0820 = .50 ret
- 1.0790 = expanded objective point (XOP)
- 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 (current prices) or gets into the oversold area (20-35 pips below the current prices).


Performed by Roman Molodiashin, Analytical expert

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