07.11.201110:11 Forex Analysis & Reviews: AUD/USD Elliott wave count and Fibonacci levels for November 7, 2011

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 wave A of medium term downtrend (colored royal blue in the chart). Within this wave there are A and B subwaves (colored magenta in the chart), and subwave B is still developing from 1.0202. The immediate resistances are Fibonacci retracements of 1.0752-1.0202, and expansions off 1.0202-1.0445-1.0291.

Resistances:

- 1.0441 = contracted objective point (COP)
- 1.0477 = .50 retracement
- 1.0534-42 = confluence area of objective point (OP) and .618 ret
- 1.0684 = expanded objective point (XOP)

If the price keeps declining the immediate supports will be Fibonacci retracements of 0.9387-1.0752, and expansions off 1.0752-1.0202-1.0445, 1.0438-1.0314-1.0426.

Supports:

- 1.0302 = objective point (OP)
- 1.0225 = expanded objective point (XOP)
- 1.0105-01 = confluence area of contracted objective point (COP) and super expanded objective point (SXOP)
- 1.0070 = .50 retracement
- 0.9908 = .618 ret
- 0.9895 = objective point (OP)

Overbought/Oversold

Assuming that the larger wave is now moving down it's preferable to try short positions when the Detrended Oscillator goes above the zero level (5-15 pips above the current prices) or gets into the overbought area (50-70 pips above the current prices).

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.