Overview:
- According to the previous events, the price of AUD/USD has still moved between the levels of 0.8768 and 0.8725. The levels of 0.8768 and 0.8725 coincide with the 61.8% of Fibonacci retracement levels and 50% respectively. Therefore, the first step is to wait for a period of tight sideways market before breakouts. Then, probably, the market is going to start showing bullish signs. In other words, it will be a good sign to buy above 0.8730 with the first target at 0.8770 and the price will climb towards 0.8829. However, if the pair fails to break 0.8770, the market will indicate a bearish opportunity below it, then the level will really act as strong resistance. For that, it wil be a good sign to sell below the 61.8% of Fibonacci retracement (0.8769) with the first target at 0.8740 and it will call for a downtrend in order to continue bearish movement towards 0.8720.
Intraday technical levels:
Date and Time:13/11/2014 12:34
Pair:AUD/USD
- R3: 0.8828
- R2: 0.8786
- R1: 0.8749
- PP: 0.8707
- S1: 0.8670
- S2: 0.8628
- S3: 0.8591
