The AUD/USD pair is forming the impulse wave C of the 5th order from 1. 0231-level. It includes the sub-wave C of the 4th order from 1. 0231, which in turn has its own sub-wave C of the 3rd order coming from 1. 0370. From the level of 1. 0573 the corrective 4th sub-wave is forming. The targets of this wave are defined according to the correction grid 1.0370-1.0573. The correction grid also provides the support levels 1.0145-1.0573.
Support levels:
- 1.0471 = 50%
- 1.0448 = 61.8%
- 1.0410 = 38.2%
If the pair continues the upward movement with the breakdown at level 1.0573 then the nearest resistance levels will provide expansion grids 1.0145-1.0377-1.0231, 1.0231-1.0449-1.0354, 1.0354-1.0436-1.0370.
Resistance levels:
- 1.0572 = 100% expansion
- 1.0585 = 261.8% expansion
- 1.0606 = 161.8% expansion
The direction of deals: BUY-deals are recommended as long as the pair keeps the position higher than 1.0458.
The 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.