Pivot Point: 0.9750.

Intraday Technical levels  (May 24, 2012):

R3: 0,9924
R2: 0,9864
R1: 0,9810
PP: 0,9750
S1: 0,9696
S2: 0,9636
S3: 0,9582

Overview:

The AUD/USD pair has turbulently reached the level 0.9787 moving from the point 1.0030. Yesterday's deals were closed at level 0.9757. Two months ago the price was below 61.8% of Fibonacci retracement levels. It is necessary to mention that the price formed a strong resistance level 1.0030 which is located between 50% of Fibonacci retracement levels and 38.2% on the Daily chart. Thus, the market is likely to show again the signs of bearish movement indicating a bearish tendency from the level 1.0030 with targets located near the strong support level 0.9515. Meanwhile, the bears were forced to go back to this level, forming a strong support in the point 0.9510 indicating a bullish opportunity above the support level. This can be considered a good sign for BUY-deals higher than 0.9510 with 0.9650 and 0.9790 seen as targets.

Trading Recommendations:

According to the previous events, the price is still located between 0.9500 and 1.0030.

• Buy-deals above 0.9500 with targets near 0.9790.
• Sell-deals below 1.0030 for the further development of the downtrend in order to continue the  bearish movement towards 0.9650 and 0.9510 levels.

Observation (s):

• Please consider the market volatility before investing, as the sight price may have already been reached and scenarios cancelled.
• Strong Support: 0.9500.
• Strong Resistance: 1.0030.

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