Technical analysis of AUD/USD for March 5, 2014 Trend News

Overview :

• The market indicates the lower volatility of 51.84 today.The AUD/USD pair had risen from the strong level of 0.8900 and extended further to as high as 0.8977 yesterday but it closed at the 0.8950 level today. Equally important, the support will form at 0.8900 because this level has also formed a double bottom on March 3, 2014 at the level of 0.8890. Additionally, it also should be noticed that the range of the AUD/USD pair was around 60 pips because the volatility was not indicating the higher volatility. Moreover, the price has set above 00% of Fibonacci retracement levels for two weeks at the same level which set above. Consequently, we expect a saturation around the level of 0.8900/0.8950. Hence, it is probably that the market will start showing the signs of bullish market again in order to indicate a bullish opportunity from the levels of 0.8900 or 0.8950 (00% or 38.2% of Fibonacci retracement levels in H1 chart). Thereupon, buy above 0.8900 or 0.8950 with the first target at 0.8985 besides it will call for upward in order to continue bullish towards 0.9033. On the other hand, if the bulls will have forced to pullback at the level of 0.8900 and sellers can break this level therefore the best solution to set the stop loss at the price of 0.8875.

Intraday technical levels :

Date and time: 5/03/2014 10:02

Pair: AUD/USD

• R3: 0.9033


• R2: 0.9000


• R1: 0.8975


• PP: 0.8942


• S1: 0.8917


• S2: 0.8884


• S3: 0.8859

Note :

• Range: 58 pips.


• A risk to reward ratio of 1:1.5 is recommended. As a result, the risk of 58 pips must make a profit of 87.00.

The material has been provided by InstaForex Company - www.instaforex.com



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