30.11.201109:26 Forex Analysis & Reviews: AUD/USD Elliott wave count and Fibonacci levels for November 30, 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 corrective wave B of medium term downtrend (colored light green in the chart) from 0.9663. Within this wave there are five subwaves (colored red in the chart) with impulse subwave 5 still developing from 0.9863. The targets of the upmove are Fibonacci retracements of 1.0752-0.9663, and expansions off 0.9666-0.9975-0.9863, 0.9863-1.0077-0.9975.

Resistances:

- 1.0107 = contracted objective point (COP)
- 1.0172 = objective point (OP)
- 1.0189 = OP
- 1.0208 = .50 retracements

If the pair reverses to the downside the immediate supports will be Fibonacci retracements of 0.9663-1.0085.

Supports:

- 0.9924 = .382 ret
- 0.9874 = .50 ret
- 0.9824 = .618 ret

Overbought/Oversold

Assuming that the larger wave is now moving up it's preferable to try long positions when the Detrended Oscillator goes below the zero level (current prices) or gets into the oversold area (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.