AUD/USD is developing wave 5 of the midterm uptrend - colored red in the chart. Within this wave there's a set of 4 waves with wave 4 being corrective - colored yellow in the chart.

The targets of the downmove are Fibonacci retracements of 0.9893-1.0175.

Supports:

- 1.0067 = .382 retracement
- 1.0034 = .50 ret
- 1.0001 = .618 ret

In case the price resumes its advance and breaks above 1.0175 the nearest resistances will be Fibonacci expansions off 0.9651-0.9819-0.9678 (waves 1-2), 0.9678-1.0022-0.9893 (waves 3-4), 0.9893-1.0064-1.0021 (subwaves within wave 5).

Resistances:

- 1.0192 = objective point (OP)
- 1.0237 = OP
- 1.0298 = expanded objective point (XOP)

Overbought/Oversold

The Detrended Oscillator is consolidating around the zero level, confirming the flat (wave 4). Assuming that the prevailing trend is up it's preferable to seek for bottoming signals to enter long when the price hits a Fibonacci support (.382 or .618) or when the price gets into the oversold - 25 pips to go.

Read more on how to apply Fibonacci studies to calculate price targets.