Pivot Point: 1.0112.
Intraday Technical levels ((29th of December 2011)):
R3: 1.0306
R2: 1.0254
R1: 1.0174
PP: 1.0122
S1: 1.0042
S2: 0.9990
S3: 0.9910
Overview:
AUD/USD's turbulent fall from 1.0325 has extended further to as low as 0.9861 last two weeks, and it closed at 0.9899 yesterday, the price has still placed below 50% 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 1.02 with targets towards the strong support around 0.99. Meanwhile; the bears were forced to pullback at the level of this area, therefore this level will be formed a strong support at 0.992 in order to indicate a bullish opportunity above the support , so it will a good sign to buy above 0.992 with a target at 1.0080 and it might resume to 1.0150.
Trading Recommendations:
According to previous events, the price has still been trapped between 1.0207 of Fibonacci retracement levels and 0.9919.
- Buy above 0.992 with targets towards 1.008.
- Sell below 1.020 (H4 chart), it will call for downtrend in order to continue bearish towards 1.008 then 0.9919.
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: 0.992.
- Strong Resistance: 1.020.
