FX.co ★ AUD/USD Wave Analysis for March 12, 2012

The AUD/USD pair is forming the wave B of the 3rd order from the point 1.0669 comprising the completed subwaves A and B of the 2nd order; the wave C is developing from 1.0625.
The downside targets are calculated according to the expansion grids 1.0856-1.0509-1.0669, 1.0669-1.0574-1.0625.
Nearest support levels:
- 1.0471 = 161.8% expansion
- 1.0455 = 61.8%
- 1.0376 = 261.8%
- 1.0322 = 100%
If the pair continues the upside movement, the nearest resistances will be provided by the correction grid 1.0856-1.0509.
Resistance levels:
- 1.0682 = 50%
- 1.0723 = 61.8%
Direction of deals: SELL-deals are recommended as long as the pair is lower than 1.0625.

Wave levels (marking):
1st order (the lowest) – dotted line
2nd, 3rd order and higher - line weight 1, 2 etc.
The same is for Fibonacci grids.