FX.co ★ AUD/USD Wave Analysis for March 2, 2012

The AUD/USD pair finished the wave 1.0597-1.0856 (A of the 5th order) and is presently forming a correction with completed sub-wave A of the 2nd order coming to 1.0715. The B (or the new wave A in C of the 5th order) is developing from the point 1.0715.
The downside targets are provided by the correctin grids 1.0597-1.0856 and expansion grids 1.0856-1.0715-1.0817.
Nearest support levels
- 1.0730 = 61.8% expansion
- 1.0696 = 61.8% correction
- 1.0676 = 100% expansion
- 1.0589 = 161.8%
If the pair continues the ascending movement and manage to break the 1.0856 level, the nearest resistance levels will be provided by the expansion grid 1.0597-1.0856-1.0715.
- 1.0875 = 61.8% expansion
- 1.0974 = 100%
Direction of deals: BUY-deals are recommended as long as the pair is higher than 1.0715.

Wave levels (marking):
1st order (the lowest) – dotted line
2nd, 3rd order and higher - line weight 1, 2 etc.
The same is for Fibonacci grids.