FX.co ★ AUD/USD technical analysis for August 23, 2013

Overview:

AUD/USD: According to the previous events, the price has still been trapped between 0.9030 and 0.9000. Therefore, the first step is to wait for a period of tight sideways market before breakouts. Then, probably, the market is going to start showing bearish signs. In other words, it will be a good sign to sell below 0.9200 (it should be noted at the level of 0.92 is formed double top) with the first target at 0.90 and the price will climb towards 0.8900. However, if the pair fails to break 0.8900, the market will indicate a bearish opportunity above 0.8900, then the level will really act as a strong support. It will be a good sign to buy above 0.8900 with the first target at 0.9014 and it will call for an uptrend in order to continue bullish movement towards 0.9085.