empty
 
 
13.07.2010 03:00 PM
AUD/USD Elliott wave count and Fibonacci levels, July 13, 2010

AUD/USD is now moving within corrective wave 4 of the intermediate uptrend. This wave corresponds to its classical discription of being choppy and flat. The targets of the downside corrective movement are Fibonacci retracements of 0.8446-0.8787, 0.8314-0.8787 and expansion points off 0.8787-0.8688-0.8782 and 0.8782-0.8701-0.8779.

The targets below the current level look the following way:

- 0.8698 = objective point (OP)
- 0.8683 = OP
- 0.8657-48 = confluence area of .382 retracement and expanded objective point (XOP)
- 0.8622-17 = confluence area of XOP and .50 ret
- etc., see img.

In case the price advances and breaks 0.8787 the nearest targets will be Fib expansion points off 0.8314-0.8556-0.8446 and 0.8446-0.8787-0.866.

Price targets above the current level:

- 0.8838 = XOP
- 0.8899 = contracted objective point (COP)

This image is no longer relevant

Overbought/Oversold

The Detrended Oscillator is clearly in the oversold area. However, considering a very thin and flat market it will be reasonable to wait for a breakout, that will show the direction of the intermediate trend. Therefore it's better not to initiate any positions.

InstaForex Analyst,
Analytical expert of InstaForex
© 2007-2025
Summary
Urgency
Analytic
InstaForex Analyst
Start trade
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $6000 more!
    In December we raffle $6000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback