AUD/USD Wave Analysis for February 27, 2012 2012-02-27
The AUD/USD pair completed the wave 1.0844-1.0597 (A of the 5th order) and is presently forming a correction. Within this correction the sub-wave A of the 3rd order coming to the point 1.0754 was formed, comprising the developing corrective wave B.
Downside targets are calculated according to the expansion grids 1.0844-1.0597-1.0754, 1.0754-1.0702-1.0748 and correction grids 1.0597-1.0754. Nearest support levels: - 1.0664 = 161.8% expansion - 1.0657 = 61.8% correction - 1.0612 = 261.8% expansion - 1.0601 = 61.8% expansion
If the pair continues the upward movement, the nearest resistance levels will be provided by the correction grid 1.0844-1.0597 and expansion grid for the wave 1.0597-1.0754, as well as by its unfinished correction. Resistance levels: - 1.0750 = 61.8% Direction of deals: SELL-deals are recommended as long as the pair is lower than 1.0748.