17.08.201112:21 Forex Analysis & Reviews: AUD/USD Elliott wave count and Fibonacci levels for August 17, 2011

Long-term review

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AUD/USD is moving within wave B (from 1.0928) of medium term downtrend - colored royal blue in the chart. The targets of the upmove are Fibonacci retracements of 1.1079-0.9928, and expansions off 0.9928-1.0414-1.0111, 1.0111-1.0511-1.0406.

Resistances:

- 1.0597 = objective point (OP)
- 1.0639-53 = confluence area of .618 ret and contracted objective point (COP)
- 1.0806 = OP

If the price reverses to the downside the immediate supports will be Fibonacci retracements of 0.9928-1.0511.

Supports:

- 1.0288 = .382 ret
- 1.0219 = .50 ret
- 1.0151 = .618 ret

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 (20-25 pips below the current prices) or gets into the oversold area (50-60 pips below the current prices).

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