Pivot Point: 1.0296.
Intraday Technical levels ((11st of January 2012)):
R3: 1.0485
R2: 1.0418
R1: 1.0363
PP: 1.0296
S1: 1.0241
S2: 1.0174
S3: 1.0119
Overview:
AUD/USD's turbulent fall from 1.045 has extended further to as low as 1.0150 last weeks, and it closed at 1.0308 yesterday, the price has still placed below 61.8% of Fibonacci retracement levels three months ago. Aswell it should be noted that the price had formed a strong resistance at 1.045. Futhermore, this strong level has still been trapped between 50% of Fibonacci retracement levels and 61.8% 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 1.045 with targets towards the strong support around 1.0174. Meanwhile; the bears were forced to pullback at the level of this area, therefore this level will be formed a strong support at 1.0150 in order to indicate a bullish opportunity above the support , so it will a good sign to buy above 1.0150 with a target at 1.03 and it might resume to 1.04.
Trading Recommendations:
According to previous events, the price has still been trapped between 1.0450 of Fibonacci retracement levels and 1.0150.
- Buy above 1.0150 with targets towards 1.0415.
- Sell below 1.0450, it will call for downtrend in order to continue bearish towards 1.03 then 1.0225.
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: 1.0450.
- Strong Resistance: 1.0150.
