FX.co ★ AUD/USD technical analysis for September 3, 2013

Overview: (short-term)

AUD/USD: According to the previous events, the price has still been trapped between 0.9020 and 0.9060. Therefore, the first step is to wait for the 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 0.9070 for short-term (it should be noted, at the level of 0.9070 a double top has been forming for ten days) with the first target at 0.8975 and the price will climb towards 0.8900. However, if the pair fails to break 0.8941, the market will indicate bearish opportunity above 0.8941, then the level will really act as strong support. It will be a good sign to buy above 0.8941 with the first target at 0.8985 and it will call for an uptrend in order to continue bullish movement towards 0.9070.

Note:

Gab: opened at the level of 0.8941 (upward).

Intraday technical levels:

Date & Time: 3/09/2013 13:39

Pair: AUD/USD

Projected High: 0.9207

Breakout (Buy Stop): 0.9152

Strong Resistance (Sell Limit): 0.9122

Current Pivot:0,9010

Strong Support (Buy Limit): 0.8897

Breakout (Sell Stop): 0.8872

Projected Low: 0.8822