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AUD/USD Elliott wave count and Fibonacci levels for June 15, 2012

Posted at June 15, 2012 Categories : Forex Analysis |

AUD/USD is developing corrective wave B (light green in the chart) of medium term downtrend from 0.9581. Within this wave we have three subwaves (royal blue in the chart), and impulse subwave C is developing from 0.9820. Within the latter impulse subwave C (magenta in the chart) is developing from 0.9850. This wave also has its subwaves (red in the chart), and impulse subwave C is developing from 0.9921.

Now the immediate resistances are Fibonacci retracements of 1.0473-0.9581, and expansions off 0.9581-1.0002-0.9820, 0.9820-1.0007-0.9850, 0.9850-1.0003-0.9921.

Resistances:

– 1.0037 = objective point (OP)
– 1.0074-80 = confluence area of OP and contracted objective point (COP)
– 1.0132 = .618 ret
– 1.0153 = expanded objective point (XOP)
– 1.0169 = XOP

If the price reverses to the downside the immediate supports will be Fibonacci retracements of the wave up from 0.9850, however this wave is not developed yet, so no supports are available yet.

Overbought/Oversold

The bigger wave is now moving up, so it’s preferable to try long positions when the Detrended Oscillator goes below the zero level (5-10 pips below the current prices) or into the oversold area (25-35 pips below the current prices). Watch for opportunities to go long at or near the indicated supports.

Read more on how to trade with Fibonacci levels.

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