Pivot Point: 1.0782.
Intraday Technical levels (March 2, 2012):
R3: 1.0927
R2: 1.0869
R1: 1.0840
PP: 1.0782
S1: 1.0753
S2: 1.0695
S3: 1.0666
Overview:
The AUD/USD pair has turbulently reached the level 1.0810 moving from the point 1.0600. Yesterday's deals were closed at level 1.0811. 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-deals above 1.0675 with targets near 1.078.
- Sell-deals below 1.0873 for the further development of the downtrend in order to continue the bearish movement towards 1.0595 and 1.047 levels.
Observation (s):
- Please check out the market volatility before investing, as the sight price may have already been reached and scenarios cancelled.
- Strong Support: 1.0600.
- Strong Resistance: 1.0876.
