AUD/USD has finished wave 1.0204-1.0580 (wave C of medium term uptrend - colored royal blue in the chart) and now is developing corrective wave 4. Within this wave there are A-B subwaves (colored magenta in the chart) with subwave B still in development. The targets of the upmove are Fibonacci expansions off 1.0389-1.0521-1.0428 and 1.0428-1.0538-1.0457.
Resistances:
- 1.0523 = contracted objective point (COP)
- 1.0560-67 = confluence area of two objective points (OP)
- 1.0635-42 = confluence area of two expanded objective points (XOP)
If the price reverses down the immediate supports will be Fibonacci retracements of 1.0285-1.0580, 1.0204-1.0580, 1.0389-1.0538, and expansions off 1.0580-1.0389-1.0538.
Supports:
- 1.0446 = .618 retracement
- 1.0420 = COP
- 1.0392 = .50 ret
- 1.0348-47 = confluence area of .618 ret and OP
Overbought/Oversold
Assuming that the medium term trend is down, it's preferable to look for shorts when the Detrended Oscillator goes above the zero level (current prices) or gets into the overbought area (right where the price is - that also corresponds to 1.0523 Fib resistance).
Read more on how to apply Fibonacci studies to calculate price targets.