Weekly Pivot Point: 1.0561.
Weekly Technical levels (August 13 - 17, 2012):
R3: 1,0742
R2: 1,0677
R1: 1,0626
PP: 1,0561
S1: 1,0510
S2: 1,0445
S3: 1,0394
Overview:
The AUD/USD pair has turbulently reached the level 1.0573 moving from the point 1.0475. Yesterday's deals were closed at level 1.0516. Two weeks ago the price was above 23.6% of Fibonacci retracement levels. It is necessary to mention that the price formed a strong support level 1.0475 which is located between 23.8% of Fibonacci retracement levels and 38.2% on the Daily chart. Thus, the market is likely to show again the signs of bullish movement indicating a bullish tendency from the level 1.0475 with targets located near the strong resistance level 1.0570. Meanwhile, the bulls were forced to go back to this level of 1.0603, forming a strong resistance in the point 1.0603 indicating a bearish opportunity below the resistance level. This can be considered a good sign for Sell-deals higher than 1.0603 with 1.0555 and 1.0503 seen as targets.
Trading Recommendations:
According to the previous events, the price is still located between 1.0477 and 1.0544.
- Buy-deals above 1.0475 with targets near 1.0573.
- Sell-deals below 1.0603 for the further development of the downtrend in order to continue the bearish movement towards 1.0555 and 1.0503 levels.
Observation (s):
- Please consider the market volatility before investing, as the sight price may have already been reached and scenarios cancelled.
- Strong Support: 1.0475.
- Strong Resistance: 1.0603.
If you have any questions or requests, please feel free to contact me: mourad.elkeddani@analytics.instaforex.com .
