The Australian Dollar is trading very close to 1.0231 weekly pivot. It is likely that in this area there is an upward bounce because in the previous weeks this pair jumped to the 1.03 psychological level area. Now the weekly pivot point is located on the level of 1.0308. Therefore, it is recommended to buy only if the pair is trading above 1.0231 and we will place stop loss some 50 points below this level, because in the area of 1.0200 the first monthly support is located. It adds strength to the support of the pair. The target area is placed in the first weekly resistance at 1.0394. Therefore, we consider the following signal will be valid for this week.
Signal for May 06 - 11, 2013
Buy if it closes above 1.0231 with take profits at 1.0308 and 1.394 (W_R1), stop loss is 50 pips below 1.0230 (W_S1).
_____WEEKLY_____
Weekly - R3 = 1.0557
Weekly - R2 = 1.0471
Weekly - R1 = 1.0394
Weekly Pivot = 1.0308
Weekly - S1 = 1.0231
Weekly - S2 = 1.0145
Weekly - S3 = 1.0068
If you would like to get this indicator, feel free to contact me via e-mail: gerardo.porras@analytics.instaforex.com
_____MONTHLY____
Monthly - R3 = 1.0922
Monthly - R2 = 1.0751
Monthly - R1 = 1.0561
Monthly Pivot = 1.0390
Monthly - S1 = 1.0200
Monthly - S2 = 1.0029
Monthly - S3 = 0.9839
