Pivot Point: 1.0223.
Intraday Technical levels ((7th of December 2011)):
R3: 1.0406
R2: 1.0338
R1: 1.0291
PP: 1.0223
S1: 1.0176
S2: 1.0108
S3: 1.0061
Overview:
AUD/USD's turbulent rise from 1.0081 has extended further to as high as 1.0337 this week, and it closed at 1.0244 yesterday, the price has placed above 38.2% of Fibonacci retracement levels a week ago. Aswell it should be noted that the price had formed a strong support at 1.0081. Futhermore, this strong level has still been trapped between 50% of Fibonacci retracement levels and 38.2% on H4 chart. hence it is probably that the market will start showing the signs of bullish market again in order to indicate a bullish opportunity from the level of 1.0081 to 1.0337 (61.8% of Fibonacci retracement levels) with targets towards the strong resistance around 1.0337/1.0400 (Look at orange area on H4 chart). Meanwhile; the bulls were forced to pullback below the level of this area, therefore this level will be formed a strong resistance in order to indicate a bearish opportunity below the resistance, so it will a good sign to sell below 1.034/1.040 with a target at 1.0290 and it might resume to 1.0175.
Trading Recommendations:
According to previous events, the price has still been trapped between 50% of Fibonacci retracement levels and 61.8%.
- Buy above 38.2% of Fibonacci with targets towards 1.034.
- Sell below 1.034/1.040 (H4 chart), it will call for downtrend in order to continue bearish towards 1.020.
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 (1.0337).
- Strong Support: 1.008.
- Strong Resistance: 1.040.
