The Australian dollar is still under downward pressure. Last week was positive for all currencies against the dollar, but less for this pair. If you look at the graph this pair closes week with a gap, it should go up 0.9505 to cover it. Given that we see that the pair is quoted below the weekly pivot of 0.9572, this level is key, so we can sell around this level until the first support target 0.9352 and further down to the 0.9209. On the other hand, a close of daily charts above weekly pivot point will be the time to buy the pair at 0.9715 first target and further up to 0.9935. Therefore, we recommend monitoring the weekly pivot point, to decide whether to buy or sell. Therefore, we believe that the next signal will be valid for this week.
Signal for June 10 - 15, 2013
Sell short around 0.9572 with take profits at 0.9352 and 0.9209 (W_S2) and stop loss is above 0.96.
Buy if it closes daily charts above 0.9572 with take profit at 0.9715 and 0.9935( W_R2) and stop loss is bellow 0.9500.
_____WEEKLY_____
Weekly - R3 = 1.0078
Weekly - R2 = 0.9935
Weekly - R1 = 0.9715
Weekly Pivot = 0.9572
Weekly - S1 = 0.9352
Weekly - S2 = 0.9209
Weekly - S3 = 0.8989
_____MONTHLY____
Monthly - R3 = 1.0978
Monthly - R2 = 1.0679
Monthly - R1 = 1.0125
Monthly Pivot = 0.9826
Monthly - S1 = 0.9272
Monthly - S2 = 0.8973
Monthly - S3 = 0.8419
If you would like to get this indicator, feel free to contact me via skype: gerardofx or e-mail: gerardo.porras@analytics.instaforex.com
