17.02.201209:48 Forex Analysis & Reviews: AUD/USD Elliott wave count and Fibonacci levels for February 17, 2012

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

AUD/USD is developing impulse wave 5 of medium term uptrend (colored royal blue in the chart) that started from 1.0525, this wave is part of wave A of a larger degree from 1.0145 (colored light green in the chart). Now the former wave has subwaves A, B, and C, with potential subwave C is still developing from 1.0628 (colored magenta in the chart). This wave also has its subwaves, they are A, B, and C (colored red in the chart). Subwave C is still developing from 1.0645.

The targets of the upmove are Fibonacci expansions off 1.0231-1.0687-1.0525, 1.0525-1.0844-1.0628, 1.0628-1.0775-1.0645, 1.0645-1.0773-1.0744.

Resistances:

- 1.0792 = objective point (OP)
- 1.0823-25 = confluence area of two contracted objective points (COP)
- 1.0872 = OP
- 1.0893 = expanded objective point (XOP)

If the price keeps falling the targets below will be Fibonacci retracements of the wave up from 1.0645. This wave is not developed yet, so no supports are available so far.

Overbought/Oversold

The larger wave is now moving up, so it's prefereable to open long positions when the Detrended Oscillator goes below the zero level (current prices) or into the oversold area (25-40 pips below the current prices), watch for possibilities of going long at or near the indicated supports.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.