13.09.201111:46 Forex Analysis & Reviews: AUD/USD Elliott wave count and Fibonacci levels for September 13, 2011

Long-term review

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AUD/USD is moving within impulse wave C of medium term downtrend (colored magenta in the chart) from 1.0668. Within this wave there are also A and B subwaves (colored red in the chart) with subwave B still developing from 1.0259.

The targets of the downmove are Fibonacci retracements of 0.9927-1.0768 and expansions off 1.0768-1.0486-1.0665.

Supports:

- 1.0248 = .618 retracement
- 1.0209 = expanded objective point (XOP)
- 0.9927 = super expanded objective point (SXOP)

If the price reverses to the upside the immediate resistances will be Fibonacci retracements of 1.0665-1.0259.

Resistances:

- 1.0414 = .382 ret
- 1.0462 = .50 ret
- 1.0510 = .618 ret

Overbought/Oversold

Assuming that the medium term trend is down it's preferable to try short positions when the Detrended Oscillator goes above the zero level (current prices) or gets into the overbought area (20-30 pips above the current prices).

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