AUD/USD is moving within corrective wave 4 of the daily degree - colored royal blue in the chart. This wave is a subwave within wave C of a larger degree - colored light green in the chart.
The targets of the corrective downmove are Fibonacci retracements of 0.9541-1.0002, 0.9708-1.0002, and expansions off 1.0002-0.9800-0.9956.
Supports:
- 0.9831 = contracted objective point (COP)
- 0.9771 = .50 ret
- 0.9754 = objective point (OP)
- 0.9717 = .618 ret
- 0.9629 = expanded objective point (XOP)
In case the price reverses up the nearest resistance once again will be the psychological level 1,0000.
Overbought/Oversold
The Detrended Oscillator is in the oversold area. And as the medium term trend is down it's preferable to seek for topping signals to enter short, e.g. when the price gets above the zero level - 30-40 pips to go.
Read more on how to apply Fibonacci studies to calculate price targets.