Condizioni di trading
Strumenti
AUD/USD is developing corrective wave A of medium term uptrend (colored light green in the chart). Within this wave there are A, B and C waves of smaller degree (colored red in the chart), with wave C still developing from 0.9733. The targets of the upmove are Fibonacci retracements of 1.0768-0.9387, and expansions off 0.9387-0.9878-0.9733.
Resistances:
- 1.0036 = contracted objective point (COP)
- 1.0077 = .50 retracement
- 1.0224 = objective point (OP)
- 1.0240 = .618 ret
If the price reverses to the downside the immediate supports will be Fibonacci retracements of 0.9387-1.0014.
Supports:
- 0.9774 = .382 ret
- 0.9701 = .50 ret
- 0.9627 = .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 (30-40 pips below the current prices).
Read more on how to apply Fibonacci studies to calculate price targets.
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