AUD/USD is developing corrective wave A of medium term uptrend (colored light green in the chart). Within this wave there are A and B waves of smaller degree (colored magenta in the chart), with wave B still developing from 1.0014. The targets of the upmove are Fibonacci retracements of 0.987-1.0014, and expansions off 0.9387-1.0014-0.9865.

Resistances:

- 1.0077 = .50 retracement
- 1.0240-52 = confluence area of .618 ret and contracted objective point (COP)

If the price reverses to the downside the immediate supports will be Fibonacci retracements of 0.9387-1.0014.

Supports:

- 0.9774 = .382 ret
- 0.9701 = .50 ret
- 0.9627 = .618 ret

Overbought/Oversold

Assuming that the larger wave is now moving up it's preferable to try long positions when the Detrended Oscillator goes below the zero level (5-15 pips below the current prices) or gets into the oversold area (45-65 pips below the current prices).

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