The pivot points of the AUD / USD pair for this week are traced according to the following table shown below. The weekly chart offers possible points or areas of support or resitance levels. This chart will help you to place Take profits or Stop loss orders. These pivot levels are considered as a trading map, so you will know beforehand about the possible increases and declines of the pair.
Therefore, it is recommended to open the short positions at the level R1 and long positions at the level S1. If the weekly pivot is considered as a target, it may be a viable strategy for swing trading. The other way of working with this strategy is to open long positions in S2 positions, and short R2 weekly with S1 or R1 seen as weekly targets or to the pivot point.
_____WEEKLY_____
Weekly - R3 = 1.0824
Weekly - R2 = 1.0711
Weekly - R1 = 1.0650
Weekly Pivot = 1.0537
Weekly - S1 = 1.0476
Weekly - S2 = 1.0363
Weekly - S3 = 1.0302
_____MONTHLY____
Monthly - R3 = 1.1155
Monthly - R2 = 1.1006
Monthly - R1 = 1.0868
Monthly Pivot = 1.0719
Monthly - S1 = 1.0581
Monthly - S2 = 1.0432
Monthly - S3 = 1.0294
