The AUD/USD pair is developing an impulse wave A (light green in the chart) of the medium term downtrend. Within this wave there are three subwaves (red in the chart) and an impulse subwave C developing from 1.0354 that comprises smaller  subwaves  (yellow in the chart) and potential a corrective subwave 4 that begins from 1.0110.

The downside targets are Fibonacci expansions of 1.0473-1.0304-1.0354, 1.0354-1.0239-1.0278.

Supports:

- 1.0092 = expanded objective point (XOP)
- 1.0081 = XOP
- 0.9977 = super expanded objective point (SXOP)

If the price reverses to the upside, the immediate resistances will be Fibonacci retracements of 1.0354-1.0110.

Resistances:

- 1.0203 = .382 retracement
- 1.0232 = .50 ret
- 1.0261 = .618 ret

Overbought/Oversold

The larger wave is now moving downside, so it is prefereable to go short when the Detrended Oscillator goes above the zero level (current prices) or into the overbought area (current prices). Consider the possibilities to go short at or near the indicated resistances.

Read more on how to trade with Fibonacci levels.