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 AUD/USD Elliott wave count and Fibonacci levels for June 2, 2011

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PostSubject: AUD/USD Elliott wave count and Fibonacci levels for June 2, 2011    Thu Jun 02, 2011 6:37 am

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AUD/USD Elliott wave count and Fibonacci levels for June 2, 2011


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AUD/USD has developed wave 1.0439-1.0756. According to wave count this was subwave A (colored magenta in the chart) within long term impulse wave C (colored plum in the chart).

Now the targets of supposedly corrective subwave B are Fibonacci retracements of 1.0439-1.0756 and expansions off 1.0756-1.0641-1.0752, and also 1.1011-1.0439-1.0756.

Supports:

- 1.0566 = expanded objective point (XOP)
- 1.0560 = .618 retracement
- 1.0403 = contracted objective point (COP)

If the price reverses up the immediate resistances will be Fibonacci retracements of 1.1011-1.0439, and Fibonacci expansions off 1.0439-1.0756-1.0588.

Resistances:

- 1.0784 = contracted objective point (COP)
- 1.0792 = .618 retracement
- 1.0905 = objective point (OP)



Overbought/Oversold

Assuming that the medium term trend is down it's preferable to try short
positions when the Detrended Oscillator goes above the zero level
(10-15 pips above the current prices) or gets into the overbought area
(40-50 pips above the current prices).

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AUD/USD Elliott wave count and Fibonacci levels for June 2, 2011

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