AUD/USD is developing a corrective wave against 1.0182-0.9727. Correction will be confirmed if 0.9922 is broken (start of wave 5). The targets of the upmove are Fibonacci retracements of 1.0182-0.9727, 0.9922-0.9727, and expansions off 0.9727-0.9837-0.9778.
Resistances:
- 0.9846-48 = confluence area of contracted objective point (COP) and .618 retracement, reached already (!)
- 0.9888 = objective point (OP)
- 0.9901 = .382 ret
- 0.9954-56 = confluence area of .50 ret and expanded objective point (XOP)
- 1.0008 = .618 ret
If the price resumes the medium term downtrend the nearest supports will be Fibonacci retracements of the wave up starting from 0.9727 (wave not developed yet) and expansions off 1.0091-0.9815-0.9922.
Supports:
- 0.9646 = OP
Overbought/Oversold
The Detrended Oscillator is in the overbought area and the price just hit a significant Fibonacci resistance. Assuming that the prevailing trend is still down it's preferable to wait until this resistance is confirmed and the price bounces down and then enter short. If not, wait for the price to get to the next Fib resistance.
Read more on how to apply Fibonacci studies to calculate price targets.