The pivot points chart for the AUD /USD pair for this week shows that pivot points are placed according to the maximum and minimum quotes and the weekly closure of the pair. This chart will enable you to place Stop Take Profits or Stop Losses. These Pivot Levels are some sort of trading map allowing you to know beforehand the possible increases and declines of the pair.
Therefore it is recommended to open the short positions at the R1 level and long positions at the S1 level. If the weekly pivot is considered as a target, it may appear to be a reasonable strategy for swing trading. The strategy can be used otherwise: it is possible 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 = 1.0752
Weekly - R2 = 1.0655
Weekly - R1 = 1.0499
Weekly Pivot = 1.0402
Weekly - S1 = 1.0246
Weekly - S2 = 1.0149
Weekly - S3 = 0.9993
_____MONTHLY____
Monthly - R3 = 1.1186
Monthly - R2 = 1.1001
Monthly - R1 = 1.0673
Monthly Pivot = 1.0488
Monthly - S1 = 1.0160
Monthly - S2 = 0.9975
Monthly - S3 = 0.9647
