FX.co ★ AUD/USD wave analysis for October 27, 2011

AUD/USD is shaping impulse wave C of the fourth order from 1.0321 which makes part of wave C of the 5th order from 1.0117. The upper targets are now producing expansion grids 0.9387-1.0371-1.0117, 1.0117-1.0500-1.0321.
Nearest resistance levels:
- 1.0558 = expansion 61.8%
- 1.0704 = expansion 100%
- 1.0725 = expansion 61.8%
If the pair turns downwards, the closest support levels will be provided by the grid of correction for a wave up from 1.0321. This wave is not yet complete, so the support levels are not available.
Type of deals: BUY.

Wave levels (graphical conventions):
1st order (the senior one) – dotted line
2nd, 3rd orders etc. – the thickness of lines 1,2 etc.
The same holds true of Fibonacci grids.