AUD/USD Elliott Wave Count and Fibonacci Levels for June 7, 2012

The AUD/USD pair is developing a corrective wave B (light green in the chart) of the medium term downtrend from 0.9581 comprising three subwaves (red in the chart) and an impulse subwave C developing from 0.9710. This wave also includes three subwaves (orange red in the chart) and a subwave C is moving from 0.9877. Presently the immediate resistances are Fibonacci retracements of 1.0473-0.9581 and expansions of 0.9581-0.9803-0.9710, 0.9710-0.9931-0.9877. Resistances: - 1.0014 = contracted objective point (COP) - 1.0027 = .50 retracement - 1.0069 = expanded objective point (XOP) - 1.0098 = objective point (OP) - 1.0132 = .618 ret If the price reverses to the downside, the immediate supports will be Fibonacci retracements of the wave up from 0.9581 - this wave is not developed yet, so supports are not available. Show full picture Overbought/Oversold The bigger wave is now moving up, so it is preferable to try long positions when the Detrended Oscillator goes below the zero level (20-25 pips below the current prices) or into the oversold area (40-50 pips below the current prices). Consider the opportunities to go long at or near the indicated supports. Read more on how to trade with Fibonacci levels.

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