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 AUD/USD Elliott wave count and Fibonacci levels for June 24, 2011

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PostSubject: AUD/USD Elliott wave count and Fibonacci levels for June 24, 2011    Fri Jun 24, 2011 12:37 pm

AUD/USD Elliott wave count and Fibonacci levels for June 24, 2011


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AUD/USD has finished wave 1.0477-1.0649, which turned out to be corrective wave B of medium term downtrend, and now wave C is developing - colored light green in the chart. This wave has been confirmed, the price broke below 1.0477 (top of wave A). Now the targets of the downmove are Fibonacci retracements of 0.9707-1.1011, and expansions off 1.0774-1.0477-1.0649.

Supports:

- 1.0466 = contracted objective point (COP), (already hit!)
- 1.0359 = .50 ret
- 1.0352 = objective point (OP)

If the price keeps pulling back to the upside the immediate resistances will be Fibonacci retracements of 1.0649-1.0454.

Resistances:

- 1.0552 = .50 ret
- 1.0575 = .618 ret



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
(current prices) or gets into the overbought area (20-30 pips above the
current prices, which roughly corresponds to 1.0552 Fib resistance).

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AUD/USD Elliott wave count and Fibonacci levels for June 24, 2011

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