AUD/USD has developed wave 0.9539-0.9967, and now if the price breaks above 0.9967 the current wave down will remain corrective, if not, it will be continuation of wave C of larger degree and 0.9539-0.9967 will remain a corrective wave.
At the moment the targets below the current price are Fibonacci retracements of 0.9539-0.9967 and expansions off 1.0182-0.9539-0.9967 (strategic targets), 0.9967-0.9825-0.9589 (minor targets).
Supports:
- 0.9771 = contracted objective point (COP)
- 0.9753 = .50 retracement
- 0.9717 = objective point (OP)
- 0.9702 = .618 ret
- 0.9629 = expanded objective point (XOP)
- 0.9570 = COP
If the price reverses up the nearest resistances will be Fibonacci retracements of the wave down from 0.9967 - this wave is not developed yet.
Overbought/Oversold
At this moment the Detrended Oscillator can only be used when overbought and combined with Fib resistances (not available yet). The OB area is 45-65 pips away, so stand aside in the meantime.
Read more on how to apply Fibonacci studies to calculate price targets.