AUD/USD is moving within impulse wave C of medium term downtrend (colored royal blue in the chart) from 1.0401. Within this wave there are also three subwaves (colored red in the chart) with subwave C still developing from 1.0312.

The targets of the downmove are Fibonacci expansions off 1.0768-1.0181-1.0401, 1.0401-1.0152-1.0312, 1.0263-0.9992-1.0040.

Supports:

- 0.9660 = super expanded objective point (SXOP)
- 0.9602 = expanded objective point (XOP)
- 0.9451 = XOP
- 0.9331 = SXOP

If the price reverses to the upside the immediate resistances will be Fibonacci retracements of 1.0263-0.9691.

Resistances:

- 0.9910 = .382 retracement
- 0.9977 = .50 ret
- 1.0044 = .618 ret

Overbought/Oversold

Assuming that the medium term trend is down it's preferable to try short positions when the Detrended Oscillator goes above the zero level (25-30 pips above the current prices) or gets into the overbought area (55-70 pips above the current prices).

Read more on how to apply Fibonacci studies to calculate price targets.