Pivot Point: 1.0691.
Intraday Technical levels (the 28th of February, 2012):
R3: 1.0867
R2: 1.0825
R1: 1.0733
PP: 1.0691
S1: 1.0599
S2: 1.0557
S3: 1.0465
Overview:
AUD/USD pair has turbulently from 1.0430 reached the level of 1.0793. Yesterday it closed at level 1.0730. Three months ago the price was below 78% of Fibonacci retracement levels. It is necessary to mention that the price formed a strong resistance level 1.0795 which is located between 78% of Fibonacci retracement levels and 61.8% on Daily chart. Thus, the market is likely to show again the signs of bearish movement indicating a bearish tendency from the level 1.0873 with targets located near the strong support level 1.0675. Meanwhile, the bears were forced to go back to this level, forming a strong support in the point 1.0675 indicating a bullish opportunity above the support level. This can be considered a good sign for BUY-deals higher than 1.0675 with the level 1.0740 as a target and further the 1.0830 level.
Trading Recommendations:
According to previous events, the price is still been trapped between 1.0870 and 1.0650.
- Buy above 1.0675 with targets towards 1.078.
- Sell below 1.0873, it will call for downtrend in order to continue bearish towards 1.0595 then 1.047.
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: 1.0600.
- Strong Resistance: 1.0873.
