AUD/USD Wave Analysis for February 9, 2011
The AUD/USD pair is forming the impulse wave 5 of the 5th order from 1.0525. Within this wave the corrective sub-wave B of the 4th order is formed that includes the A sub-wave of the 2nd order up to 1.0739.
The targets of the ascending movement are provided by extension grids 1.0231-1.0687-1.0525, 1.0525-1.0844-1.0739.
Upside targets:
- 1.0936 = 61.8% extension
- 1.0981 = 100%
- 1.1058 = 100%
If the pair turns downwards, then the nearest support levels will be provided by the correction grid 1.0525-1.0844.
- 1.0722 = 38.2%
- 1.0684 = 50%
- 1.0647 = 61.8%
Direction of deals: BUY-deals are recommended as long as the pair remains above 1.0701.
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.
The material has been provided by Instaforex Company – instaforex.com
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