AUD/USD is developing wave A of medium term uptrend (colored light green in the chart). Within this wave there are A, B and C subwaves (colored royal blue in the chart), and subwave C is developing from 1.0117. The targets above the current price are Fibonacci expansions off 0.9387-1.0371-1.0117, 1.0117-1.0353-1.0146, 1.0146-1.0298-1.0163, 1.0203-1.0364-1.0305.

Resistances:

- 1.0466 = objective point (OP)
- 1.0528 = expanded objective point (XOP)
- 1.0561-65 = confluence area of super expanded objective point (SXOP) and XOP

If the price reverses to the downside the immediate supports will be Fibonacci retracements of the wave up from 1.0146 - this wave is not developed yet, so no supports are available so far.

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 (40-50 pips below the current prices) or gets into the oversold area (70-85 pips below the current prices).

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