The pivot point is used as support and resistance at the same time; it is the first level that we observe. For this week the pivot points (weekly and monthly) for AUD/USD are: 1.0201 weekly; 1.0026 monthly
The Australian dollar is located above the pivot weekly and bellow the Moving Average of 200 periods (blue).
Therefore, the pivot points show the following:
1) If the price in September is broken by the pivot point in an upward motion, the market is bullish and, conversely, if the pivot point is broken in a downward motion, the market is bearish.
2) They can provide points of market entry and exit which can be removed that is useful for trading strategy. For example, a sell limit order can be placed on a level support for opening if this support is broken and can put the stop loss for this order in one of the resistances.
Signal For 16 - 20 July
Buy long 1.0201 with Take Profit at 1.0380 and with the Stop Loss at 1.0100 or buy rebound 1.0125 with Take Profit at 1.0380.
_____WEEKLY_____
Weekly - R3 = 1.0448
Weekly - R2 = 1.0382
Weekly - R1 = 1.0303
Weekly Pivot = 1.0201
Weekly - S1 = 1.0122
Weekly - S2 = 1.0020
Weekly - S3 = 0.9941
_____MONTHLY____
Monthly - R3 = 1.1148
Monthly - R2 = 1.0702
Monthly - R1 = 1.0472
Monthly Pivot = 1.0026
Monthly - S1 = 0.9796
Monthly - S2 = 0.9350
Monthly - S3 = 0.9120
If you would like to get this indicator, feel free to adress me via e-mail: gerardo.porras@analytics.instaforex.com
If you like my technical analysis, please vote for me by clicking here!
