Pivot Point: 1.0230.
Intraday Technical levels ((9th of December 2011)):
R3: 1.0549
R2: 1.0464
R1: 1.0315
PP: 1.0230
S1: 1.0081
S2: 0.9996
S3: 0.9847
Overview:
AUD/USD's turbulent rise from 1.0081 has extended further to as high as 1.0337 this week, and it closed at 1.0166 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 1.0040 with targets towards the strong resistance around 1.0200/1.0300. 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. However there is a new intraday bearish outlook for December 9th, 2011, if close below 1.0040 thenn the market will be called for downtrend in order to continue bearish towards 0.99 then 0.9855.
Intraday Trading Recommendations:
According to previous events, the price has still been trapped between 50% of Fibonacci retracement levels and 61.8%.
- Buy above 1.0040 with targets towards 1.0180 then 1.0275.
- Sell below 1.0015, it will call for downtrend in order to continue bearish towards 0.99 then 0.9855.
Observation (s):
- Please check out the market volatility before investing, because the sight price may have already been reached and scenarios become invalidate.
- Strong Support: 1.0015.
- Strong Resistance: 1.040.
