The AUD/USD is developing impulse subwave C (colored orange red in the chart) within daily wave A - colored royal blue in the chart. Within subwave C there's a set of 5 waves with wave 5 still developing. If the price breaks above 1.0072 the immediate resistances will be Fibonacci expansions off 0.9709-0.9876-0.9784, 0.9784-0.9952-0.9896, 0.9896-1.0072-1.0036.
Resistances:
- 1.0145 = contracted objective point (COP)
- 1.0168 = expanded objective point (XOP)
- 1.0212-21 = confluence area of objective point (OP) and super expanded objective point (SXOP)
If the price reverses to the downside the immediate supports will be Fibonacci retracements of 0.9784-1.0072, 0.9709-1.0072.
Supports:
- 0.9962 = .382 retracement
- 0.9933-28 = confluence area of .382 and .50 retracements
- 0.9894-90 = .618 and .50 retracements
- 0.9848 = .618 ret
Overbought/Oversold
Assuming that the medium term trend is up, it's preferable to look for longs when the Detrended Oscillator crosses the zero level to the downside (15-20 pips to go) or gets into the oversold area (60-80 pips to go).
Read more on how to apply Fibonacci studies to calculate price targets.