Pivot Point: 1.0358.
Intraday Technical levels ((8th of November 2011)):
R3: 1.0592
R2: 1.0509
R1: 1.0441
PP: 1.0358
S1: 1.0290
S2: 1.0207
S3: 1.0139
Overview:
AUD/USD's turbulent rise from 1.0080 has extended further to as high as 1.0752 two weeks ago, and it closed at 1.0373 yesterday, the price has placed above 61.8% of Fibonacci retracement levels two week ago. Aswell it should be noted that the price had formed a strong support at 1.0240, Futhermore, this strong level has still been trapped between 61.8% of Fibonacci retracement levels and 78% on H4 chart. So it is probably that the market will start showing the signs of bullish market again in order to indicate a bullish opportunity on level of 1.0240 with a first target of 1.0515, and continues towards 1.0602. Meanwhile; the bulls were forced to pullback below the level of 1.0730, therefore this level will be formed a strong resistance in order to indicate a bearish opportunity below the resistance, hence it will a good sign to sell below 1.0650 with a target at 1.06000 and it might resume to 1.0535.
Trading Recommendations:
According to previous events, the price has still been trapped between 1.0240 and 1.0752.
- Buy above 1.0240 with a first target of 1.05, and continues towards 1.06.
- Sell below 1.0650 (H4 chart), it will call for downtrend in order to continue bearish towards 0.0450.
Observation (s):
- Please check out the market volatility before investing, because the sight price may have already been reached and scenarios become invalidate.
- Key level at 61.8% Fibonacci retracement levels (1.0231).
- Strong Support: 1.02.
- Strong Resistance: 1.06.
