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Forex Analysis: 9 Mar 2012, 06:05 UTC+00

AUD/USD Elliott wave count and Fibonacci levels for March 9, 2012

AUD/USD Elliott wave count and Fibonacci levels for March 9, 2012

AUD/USD has finished wave 0.9861-1.0856 (coral in the chart). Now corrective wave B is developing from 1.0856. Within this wave we have subwaves A, and B (magenta in the chart). Within the latter we have four subwaves (orange red in the chart).

Now the targets of the upmove are Fibonacci retracements of 1.0817-1.0509, 1.0856-1.0509, and expansions off 1.0509-1.0592-1.0533, 1.0533-1.0669-1.0617.

Resistances:

- 1.0682 = .50 retracement
- 1.0699-1.0701 = confluence area of .618 retracement and contracted objective point (COP)
- 1.0723 = .618 ret
- 1.0750-53 = confluence area of super expanded objective point (SXOP) and objective point (OP)

However if the downtrend resumes the immediate supports will be Fibonacci retracements of 1.0509-1.0669, 0.9861-1.0856.

Supports:

- 1.0608 = .382 ret
- 1.0589 = .50 ret
- 1.0570 = .618 ret
- 1.0476 = .382 ret


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Overbought/Oversold

The larger wave is now moving down, so it's prefereable to go short when the Detrended Oscillator goes above the zero level (10-15 pips above the current prices) or into the overbought area (30-40 pips above the current prices), watch for possibilities to go short at or near the indicated resistances.

Read more on how to trade with Fibonacci levels.


molodyashin
molodyashin
Performed by
analytical expert: Roman Molodiashin
InstaForex Group © 2007-2017
 Published: 9 Mar 2012, 06:05 UTC+00

 
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