By breaking above 0.9941 AUD/USD can make an extension and current waves 1-4 (colored orange red in the chart) will become waves A-B (colored red in the chart) of larger degree, and the targets above will be Fibonacci expansions off 0.9539-0.9781-0.9742, 0.9742-0.9941-0.9851.
Resistances:
- 0.9974 = contracted objective point (COP)
- 0.9984 = objective point (OP)
- 1.0050 = OP
If the price reverses down and breaks below 0.9851 the nearest supports will be Fibonacci retracements of 0.9539-0.9941 and 0.9742-0.9941.
Supports:
- 0.9841 = .50 retracement
- 0.9818 = .618 ret
- 0.9787 = .382 ret
- 0.9740 = .50 ret
- 0.9693 = .618 ret
Overbought/Oversold
At this moment the readings of the Detrended Oscillator should not be used since the pair is trading in a very narrow flat. It's preferable to wait for a breakout that will show the direction of the medium term trend.
Read more on how to apply Fibonacci studies to calculate price targets.