FX.co ★ AUD/USD: technical analysis for December 5, 2013

Overview:

• AUD/USD: According to the previous events, the price has still been trapped between 0.9000 and 0.9060. 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 0.9193 (it should be noted, at the level of 0.9203 a double top has been forming for two weeks) with the first target at 0.9155, and the price will climb towards 0.9180 in order to to test the highest price at the level of 0.9190.
• However, if the pair fails to break 0.9003, the market will indicate a bullish opportunity above 0.9010, then the level will really act as a strong support. It will be a good sign to buy above 0.9010 with the first target at 0.9075 and it will call for an uptrend in order to continue bullish movement towards 0.9173.