The Australian dollar is in a technically oversold area. This morning it has been trading with a small upward bounce. It is likely that the recovery of this pair continues at least until the first weekly resistance, but before this pair has to close above the, 98.18 weekly pivot. If the pair failes to overcome this level we find a solid support in 96.22 area. Therefore, we believe that the next signal will be valid for this week.
Signal for May 20 - 25, 2013
Buy if it closes above 0.9818 with take profits at 0.9927 and 1.0123 (W_R2), stop loss is below 0.9700.
_____WEEKLY_____
Weekly - R3 = 1.0232
Weekly - R2 = 1.0123
Weekly - R1 = 0.9927
Weekly Pivot = 0.9818
Weekly - S1 = 0.9622
Weekly - S2 = 0.9513
Weekly - S3 = 0.9317
If you would like to get this indicator, feel free to contact me via e-mail: gerardo.porras@analytics.instaforex.com
_____MONTHLY____
Monthly - R3 = 1.0922
Monthly - R2 = 1.0751
Monthly - R1 = 1.0561
Monthly Pivot = 1.0390
Monthly - S1 = 1.0200
Monthly - S2 = 1.0029
Monthly - S3 = 0.9839