The Australian dollar has opened this week below the weekly pivot point of 0.9695. However, the level of 0.9610 is an area of strong mass support. If you observe in the weekly charts, this level has offered support for the pair. This week it is about to jeopardize the strength of this area, according to the pivot indicators. There is a weekly support at 0.9549. It is likely that this area will from a stop for the fall of the Aussie, which in turn could push up to 0.9944 level. Therefore, we believe that the next signal will be valid for this week.
Signal for May 27 - 31, 2013
Buy if it closes above 0.9695 with take profits at 0.9798 and 0.9944 (W_R2), stop loss is below 0.9650.
Buy if rebound is around 0.9549 with take profit at 0.9695 and 0.9798(W_R1), stop loss is bellow 0.9500.
_____WEEKLY_____
Weekly - R3 = 1.0047
Weekly - R2 = 0.9944
Weekly - R1 = 0.9798
Weekly Pivot = 0.9695
Weekly - S1 = 0.9549
Weekly - S2 = 0.9446
Weekly - S3 = 0.9300
_____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
If you would like to get this indicator, feel free to contact me via skype: gerardofx or e-mail: gerardo.porras@analytics.instaforex.com
