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

Long-term review

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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.

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