AUD/USD is moving within corrective subwave 4 (colored yellow in the chart) from 1.0577 that is part of wave B of larger degree (colored royal blue in the chart) from 1.0771. Now the targets of the downmove are Fibonacci retracements of 1.0418-1.0771, 1.0315-1.0771, and expansions off 1.0771-1.0686-1.0735.
Supports:
- 1.0553-43 = confluence area of .618 and .50 retracements
- 1.0512 = super expanded objective point (SXOP)
- 1.0489 = .618 ret
If the price reverses to the upside the immediate resistances will be Fibonacci retracements of 1.0771-1.0577.
Resistances:
- 1.0651 = .382 ret
- 1.0674 = .50 ret
- 1.0697 = .618 ret
Overbought/Oversold
Assuming that the medium term trend is down it's preferable to try short positions when the Detrended Oscillator goes above the zero level (current prices) or gets into the overbought area (20-30 pips above the current prices).
Read more on how to apply Fibonacci studies to calculate price targets.