Pivot Point: 1.0716.

Intraday Technical levels (the 3^rd of February, 2012):

R3: 1.0829
R2: 1.0793
R1: 1.0752
PP: 1.0716
S1: 1.0675
S2: 1.0639
S3: 1.0598

Overview:

AUD/USD pair turbulently from 1.0430 reached the level 1.0756. Yesterday it closed at level 1.0712. 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 1.07 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 1.07 with targets located near the strong support level 1.0430. Meanwhile, the bears were forced to go back to this level, forming a strong support in the point 1.0430 indicating a bullish opportunity above the support level. This can be considered a good sign for BUY-deals higher than 1.0430 with the level 1.0530 as a target and further the 1.06 level.

Trading Recommendations:

According to previous events, the price is still been trapped between 1.07 of Fibonacci retracement levels and 1.0430.

• Buy above 1.043 with targets towards 1.06.
• Sell below 1.075, 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: 1.075.
• Strong Resistance: 1.0430.