Condizioni di trading
Strumenti
AUD/USD is developing wave A of medium term downtrend (colored royal blue in the chart). Within this wave there are A, B and C subwaves (colored orange red in the chart), and subwave 4 is developing from 1.0270 against the downtrend. The targets of the upmove are Fibonacci retracements of 1.0611-1.0270, 1.0752-1.0270.
Resistances:
- 1.0400 = .382 retracement
- 1.0440-54 = confluence area of .50 and .382 retracements
- 1.0481 = .618 ret
- 1.0511 = .50 ret
- 1.0568 = .618 ret
If the price keeps declining the immediate supports will be Fibonacci retracements of 0.9387-1.0752, and expansions off 1.0752-1.0506-1.0611, 1.0611-1.0270-1.0385.
Supports:
- 1.0231 = .382 ret
- 1.0213 = expanded objective point (XOP)
- 1.0174 = contracted objective point (COP)
- 1.0070 = .50 ret
- 1.0044 = objective point (OP)
- 0.9967 = super expanded objective point (SXOP)
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 (current prices) or gets into the overbought area (10-30 pips above the current prices).
Read more on how to apply Fibonacci studies to calculate price targets.
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