Pivot Point: 1.0798



Intraday Technical levels (the 8th of February, 2012):
R3: 1.0883

R2: 1.0852

R1: 1.0829

PP: 1.0798

S1: 1.0775

S2: 1.0744

S3: 1.0721

Overview:
AUD/USD pair turbulently from 1.0430 reached the level 1.0793. Yesterday it closed at level 1.0806. Three months ago the price was below 78% of Fibonacci retracement levels. It is necessary to mention that the price formed a strong resistance level 1.0795 which is located between 78% of Fibonacci retracement levels and 61.8% on Daily chart. Thus, the market is likely to show again the signs of bearish movement indicating a bearish tendency from the level 1.0873 with targets located near the strong support level 1.0675. Meanwhile, the bears were forced to go back to this level, forming a strong support in the point 1.0675 indicating a bullish opportunity above the support level. This can be considered a good sign for BUY-deals higher than 1.0675 with the level 1.0740 as a target and further the 1.0830 level.

Trading Recommendations:
According to previous events, the price is still been trapped between 1.0821 and 1.0650.

Buy above 1.0675 with targets towards 1.06.
Sell below 1.0873, it will call for downtrend in order to continue bearish towards 1.0595 then 1.047.

Observation (s):
Please check out the market volatility before investing, because the sight price may have already been reached and scenarios become invalidate.
Strong Support: 1.0675.
Strong Resistance: 1.0873.

Live Forex News
Currency Pairs Analysis Reviews