Technical analysis of AUD/USD for February 13, 2014

Daily pivot point: 0.9032

Overview:

• The AUD/USD pair closed at the price of 0.9030. Also, the price has been above the ratio of 50% Fibonacci retracement levels for two days. Equally important, the market showed imperturbability and extended further to as high as 0.9066 yesterday. Consequently, it should be noted that the price has formed a strong resistance at the level of 0.9070. As well as, this strong level has still been moving between 61.8% of Fibonacci retracement levels and 100% in H4 chart. Accordingly, the market will start showing the signs of bullish market again in order to indicate a bullish opportunity from the 0.8980 level with a target towards the strong resistance around 0.9070. It also should note that the price of 0.9085 is going to form a double top. Meanwhile, the bulls will be forced to pull back at this spot. As a result, it will a profitable sign to sell at 0.9070 (in the short term) with a target at the price of 0.9045 and it might resume to the 0.9000 price for today.

Intraday technical levels:

• R3: 0.9116
• R2: 0.9091
• R1: 0.9057
• PP: 0.9032
• S1: 0.8998
• S2: 0.8973
• S3: 0.8939

The material has been provided by InstaForex Company – www.instaforex.com