19.08.201112:53 Forex Analysis & Reviews: AUD/USD wave analysis for August 19, 2011

Long-term review

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The AUD/USD pair is forming a potential impulse wave C of the 4th order of the downside medium-term trend from 1.0600.Break of wave A top 0.9928 will prove this wave. In the meantime, nearest supports will be calculated according to the correction net 0.9928-1.0600 and extension net 1.1079-0.9928-1.0600.

Closest supports:

- 1.0624 = correction 50%
- 1.0185 = 61.8%
- 0.9889 = extension 61.8%

If the upside movement resumes the nearest support levels will be provided by the correction nets 1.1079-0.9928, as well as extension nets 0.9928-1.0600-1.0320.

Resistances:

- 1.0639= correction 61.8%
- 1.0735 = extension 61.8%

Deal direction – SELL

Wave levels (annotation):

1st order – dotted line
2nd, 3rd order and higher – line width 1, 2 etc.
The same scheme is employed for Fibonacci nets and line regression channels

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