FX.co ★ AUD/USD Elliott wave count and Fibonacci levels, July 7, 2010

According to wave count this currency pair is now standing in the beginning of a daily wave up. The targets of the uptrend are Fibonacci retracements of 0.8778-0.8314, 0.8861-0.8314.

Price targets above the current level:

- 0.8588 = .50 retracement
- 0.8601 = .618 ret
- 0.8652 = .618 ret
- 0.8668 = .764 ret

In case the price keeps declining the nearest supports will be Fibonacci retracement points of 0.8314-0.8556:

- 0.8435 = .50 ret
- 0.8406 = .618 ret
- 0.8371 = .764 ret

Overbought/Oversold

According to the Detrended Oscillator the market now looks oversold. Since the bigger wave is up it is possible in case of bottoming signals to initiate longs against nearest Fibonacci supports at 0.8464, 0.8435, and 0.8406.