AUD/USD: technical analysis for October 3, 2013

Overview: 

AUD/USD: According to the previous events, the price has still been trapped between 0.9380 and 0.9420. 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 bullish signs. In other words, it will be a good sign to buy above 0.9310 with the first target at 0.9390 and the price will climb towards 0.9435. However, if the pair fails to break 0.9460 (resistance 2 for October 3, 2013), the market will indicate a bearish opportunity below 0.9460, then the level will really act as strong resistance, it wil be a good sign to sell below 0.9460 with the first target at 0.94 and it will call for a downtrend in order to continue bearish movement towards 0.9355. 

Notes: 

Range: 70 pips.

Volatility: 67.15, therefore, the market indicates a lower volatility because 67.15 is less than 100 (note, if the volatility equal more than 100, then the market calls a higher volatility).

At the point of 0.9460, strong resistance will be formed. Sellers are asking for a high price.

At the point of 0.9310, strong support will be formed. Buyers are bidding at a lower price.