Wave Analysis of AUD/USD for October 6, 2011

Wave analysis

Denis Strelkov

 

 

AUD/USD is forming a correction wave to 0.9985-0.9387; this movement might end the whole C wave of the 5th order from 1.0401. Targets above are now calculated by the Fibonacci correction grids 1.0401-0.9387, 0.9985-0.9387, 0.9878-0.9387, as well as by the extension grid 0.9387-0.9596-0.9487.
Closest resistances:
- 0.9686-90-96 = accumulation of levels - 50%, 61.8% of correction and extension 100%
- 0.9757 = 50%
- 0.9774 = 38.2%
- 0.9825 = extension 161.8%
- 0.9894 = 50%

In case the price reverses to the downside, closest supports will be provided by the correction grid to the upside wave from 0.9387 – this wave is not finished yet, thus the supports are unavailable.
The direction of the trades – BUY.

Wave levels (annotation):


1st order (the lowest) – dashed line
2nd and 3rd order and higher – the width of the line 1, 2 etc.
The same is applied for the Fibonacci grids. 


http://instaforex.com/forex_analysis/40701/?x=OUE

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