AUD/USD is developing impulse wave A (light green in the chart) of medium term downtrend. Within this wave there are three subwaves (magenta in the chart), and impulse subwave C is developing from 1.0219. Within the latter we also have three subwaves (red in the chart), and impulse subwave C is developing from 1.0142.

The targets below are Fibonacci expansions off 1.0473-1.0110-1.0219, 1.0219-1.0020-1.0142, 1.0142-1.0017-1.0077.

Supports:

- 0.9995 = contracted objective point (COP)
- 0.9952 = objective point (OP)
- 0.9943 = OP
- 0.9875 = expanded objective point (XOP)
- 0.9856 = OP

If the price reverses to the upside, the immediate resistances will be Fibonacci retracements of the way down from 1.0219 - this wave is not developed yet, so no resistances are available so far.

Overbought/Oversold

The larger wave is now moving down, so it's prefereable to go short when the Detrended Oscillator goes above the zero level (current prices) or into the overbought area (20-35 pips above the current prices), watch for possibilities to go short at or near the indicated resistances.

Read more on how to trade with Fibonacci levels.