The AUD/USD pair is developing the potential corrective wave B of the medium term uptrend (coral in the chart) from 1.0856. Within this wave there are three subwaves (light green in the chart); a subwave C is developing from 1.0636 comprising A-B-C cycle developing at the moment (royal blue in the chart);a subwave C starts from 1.0465. Within the latter we also have two subwaves (red in the chart) and subwave B  developing from 1.0243. It also contains subwaves A-B-C (orange red in the chart and C developing from 1.0252.

The upside targets are Fibonacci retracements 1.0465-1.0243 and expansions 1.0243-1.0318-1.0252, 1.0252-1.0322-1.0286.

Resistances:

- 1.0327-28-29 = confluence area of objective point (OP), .382 retracement and contracted objective point (COP)
- 1.0354-56 = confluence area of .50 ret and OP
- 1.0373-80 = confluence area of expanded objective point (XOP) and .618 ret
- 1.0399 = XOP

The downside targets are Fibonacci retracements 0.9861-1.0856 and expansions 1.0856-1.0423-1.0636, 1.0636-1.0304-1.0465.

Supports:

- 1.0241 = .618 retracement
- 1.0203 = objective point (OP)
- 1.0133 = OP

Overbought/Oversold

The larger wave is now moving downside, so it is prefereable to go short when the Detrended Oscillator goes above the zero level (current prices) or into the overbought area (25-40 pips above the current prices). Consider the possibilities to go short at or near the indicated resistances.

Read more on how to trade with Fibonacci levels.