The AUD/USD pair is developing an impulse wave A (light green in the chart) of the medium term downtrend comprising four subwaves (magenta in the chart) and a potential corrective subwave 4 developing from 1.0944.

Presently the immediate resistances are Fibonacci retracements of 1.0219-0.9944, 1.0142-0.9944.

Resistances:

- 1.0020 = .382 retracement
- 1.0043-49 = confluence area of .50 and .382 retracements
- 1.0066 = .618 ret
- 1.0082 = .50 ret

If the downtrend resumes, the immediate supports will be Fibonacci expansions of 1.0473-1.0110-1.0219, 1.0219-1.0020-1.0142.

Supports:

- 0.9943 = objective point (OP)
- 0.9856 = OP
- 0.9820 = expanded objective point (XOP)

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 (current prices as well); consider the possibilities to go short at or near the indicated resistances.

Read more on how to trade with Fibonacci levels.