Pivot Point: 0.9923.
Intraday Technical levels ((20th of December 2011)):
R3: 1.0069
R2: 1.0028
R1: 0.9964
PP: 0.9923
S1: 0.9859
S2: 0.9818
S3: 0.9754
Overview:
AUD/USD's turbulent fall from 1.0325 has extended further to as low as 0.9861 last week, and it closed at 0.9899 yesterday, the price has still placed below 38.2% of Fibonacci retracement levels a week ago. Aswell it should be noted that the price had formed a strong resistance at 1.0080. 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 bearish market again in order to indicate a bearish opportunity from the level of 1.0080 with targets towards the strong support around 0.9860. Meanwhile; the bears were forced to pullback at the level of this area, therefore this level will be formed a strong support at 0.9785 in order to indicate a bullish opportunity above the support , so it will a good sign to buy above 0.9785 with a target at 0.9900 and it might resume to 1.0080.
Trading Recommendations:
According to previous events, the price has still been trapped between 1.0078 of Fibonacci retracement levels and 0.9785.
- Buy above 0.9785 with targets towards 1.008.
- Sell below 1.0080 (H4 chart), it will call for downtrend in order to continue bearish towards 0.9919 then 0.9860.
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: 0.9781.
- Strong Resistance: 1.0100.
